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0001424958 dsetft:S000094274Member dsetft:AbsenceofActiveMarketRiskMember 2024-10-31 2024-10-31 0001424958 dsetft:S000094274Member dsetft:MarketPriceVarianceRiskMember 2024-10-31 2024-10-31 0001424958 dsetft:S000094274Member dsetft:TradingCostRiskMember 2024-10-31 2024-10-31 0001424958 dsetft:S000094274Member dsetft:ExchangeTradingRiskMember 2024-10-31 2024-10-31 pure iso4217:USD 2024-10-31 0001424958 false 2025-08-18 485BPOS N-1A DIREXION SHARES ETF TRUST <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily ABNB Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of ABNB. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(opposite) or short exposure to ABNB, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Airbnb, Inc. engages in the management and operation of an online marketplace. Its marketplace model connects hosts and guests online or through mobile devices to book spaces. The company was founded in 2007 and is headquartered in San Francisco, CA.. ABNB is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Airbnb, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39778 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Airbnb, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, ABNB is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ABNB that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ABNB exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ABNB. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ABNB is consistent with the Fund’s investment objective. The impact of ABNB’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ABNB has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of ABNB has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Airbnb, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Airbnb, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ABNB have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Airbnb, Inc. could affect the value of the Fund’s investments with respect to ABNB and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ABNB that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ABNB exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of ABNB rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when ABNB’s daily return decreases. The Fund’s assets will decrease in value when ABNB’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of ABNB approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to ABNB or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to ABNB, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of ABNB’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ABNB during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of ABNB. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of ABNB. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if ABNB provided no return over a one year period during which ABNB experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if ABNB’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if ABNB’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of ABNB and those shaded green (or light gray) </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">represent those scenarios where the Fund can be expected to return more than -100% of the performance of ABNB. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ABNB’s annualized historical volatility rate for the </span><span style="font-family:Arial;font-size:8.645pt;">period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from</span><span style="font-family:Arial;font-size:8.645pt;"> December 9, 2020</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">date</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">of ABNB)</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">to December 31,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">2024</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">was 74.42%. ABNB’s annualized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance for the </span><span style="font-family:Arial;font-size:8.645pt;">period from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">December 9, 2020</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">offering date of ABNB) to </span><span style="font-family:Arial;font-size:8.645pt;">December 31, 2024 was 17.60%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of what </span><span style="font-family:Arial;font-size:8.645pt;">the volatility and performance of ABNB will be in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">future.</span><span style="font-family:Arial;font-size:8.645pt;"> The volatility of instruments that reflect the value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of ABNB, such as swaps, may differ from the volatility of </span><span style="font-family:Arial;font-size:8.645pt;">ABNB.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If ABNB has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if ABNB reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to ABNB that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to ABNB and therefore achieve its daily inverse investment objective. The Fund’s exposure to ABNB is impacted by ABNB’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ABNB at the end of each day. The possibility of the Fund being materially over- or under-exposed to ABNB increases on days when ABNB is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ABNB. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with ABNB. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the ABNB, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to ABNB. Any of these factors could decrease the inverse correlation between the performance of the Fund and ABNB and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Airbnb, Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of ABNB and make no representation as to the performance of ABNB. Investing in the Fund is not equivalent to investing in ABNB. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to ABNB.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of ABNB. Significant short-term price movements in ABNB could adversely impact the performance of both ABNB and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of ABNB.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, ABNB, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which ABNB is assigned. Since the Fund is </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact ABNB and/or consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily ADBE Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of ADBE. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to ADBE, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Adobe, Inc. is a global technology company, which engages in the provision of digital marketing and media solutions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The company was founded in 1982 and is headquartered in San Jose, CA. ADBE is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Adobe Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-15175 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Adobe Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, ADBE is assigned to the information technology sector and software industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ADBE that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ADBE exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ADBE. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ADBE is consistent with the Fund’s investment objective. The impact of ADBE’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ADBE has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of ADBE has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Adobe Inc. from the publicly available </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Adobe Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ADBE have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Adobe Inc. could affect the value of the Fund’s investments with respect to ADBE and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ADBE that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ADBE exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of ADBE rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when ADBE’s daily return decreases. The Fund’s assets will decrease in value when ADBE’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of ADBE approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to ADBE or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to ADBE, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of ADBE’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ADBE during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of ADBE. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of ADBE. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if ADBE provided no return over a one year period during which ADBE experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if ADBE’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if ADBE’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of ADBE and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of ADBE. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ADBE’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">38.87%. ADBE’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">47.81% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. ADBE’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">6.15%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what ADBE volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If ADBE has a dramatic intraday increase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if ADBE reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to ADBE that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to ADBE and therefore achieve its daily inverse investment objective. The Fund’s exposure to ADBE is impacted by ADBE’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ADBE at the end of each day. The possibility of the Fund being materially over- or under-exposed to ADBE increases on days when ADBE is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ADBE. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with ADBE. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the ADBE, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to ADBE. Any of these factors could decrease the inverse correlation between the performance of the Fund and ADBE and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Adobe Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of ADBE and make no representation as to the performance of ADBE. Investing in the Fund is not equivalent to investing in ADBE. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to ADBE.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of ADBE. Significant short-term price movements in ADBE could adversely impact the performance of both ADBE and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of ADBE.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, ADBE, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which ADBE is assigned. Since the Fund is concentrated in a particular </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact ADBE and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">information technology sector and the software industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies that develop and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">associated with technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily CRM Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of CRM. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to CRM, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Salesforce, Inc. engages in the design and development of cloud-based enterprise software for customer relationship </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">management. The company was founded in 1999 and is headquartered in San Francisco, CA. CRM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Salesforce, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-32224 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Salesforce, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CRM is assigned to the information technology sector and </span><span style="font-family:Arial;font-size:8.645pt;">the software industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CRM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CRM exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CRM. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CRM is consistent with the Fund’s investment objective. The impact of CRM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CRM has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CRM has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Salesforce, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Salesforce, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CRM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Salesforce, Inc. could affect the value of the Fund’s investments with respect to CRM </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CRM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CRM exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of CRM rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when CRM’s daily return decreases. The Fund’s assets will decrease in value when CRM’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of CRM approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to CRM or limited liquidity related to the reference asset of the underlying short position, which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to CRM, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of CRM’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of CRM during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of CRM. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of CRM. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if CRM provided no return over a one year period during which CRM experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CRM’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if CRM’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of CRM and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of CRM. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CRM’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">40.02%. CRM’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">52.07% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. CRM’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">15.61%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what CRM volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If CRM has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if CRM reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to CRM that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to CRM and therefore achieve its daily inverse investment objective. The Fund’s exposure to CRM is impacted by CRM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CRM at the end of each day. The possibility of the Fund being materially over- or under-exposed to CRM increases on days when CRM is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CRM. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with CRM. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the CRM, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to CRM. Any of these factors could decrease the inverse correlation between the performance of the Fund and CRM and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Salesforce, Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of CRM and make no representation as to the performance of CRM. Investing in the Fund is not equivalent to investing in CRM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to CRM.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of CRM. Significant short-term price movements in CRM could adversely impact the performance of both CRM and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of CRM.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, CRM, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which CRM is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact CRM and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">information technology sector and the software industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies that develop and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">associated with technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily DAL Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of DAL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to DAL, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Delta Air Lines, Inc. engages in the provision of scheduled air transportation for passengers and cargo. It operates </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">through the Airline and Refinery segments. The company was founded in 1928 and is headquartered in Atlanta, GA. DAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Delta Air Lines, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-05424 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Delta Air Lines, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, DAL is assigned to the industrials sector and airline industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short DAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of DAL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to DAL is consistent with the Fund’s investment objective. The impact of DAL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of DAL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of DAL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Delta Air Lines, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Delta Air Lines, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of DAL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Delta Air Lines, Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">DAL and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short DAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of DAL rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when DAL’s daily return decreases. The Fund’s assets will decrease in value when DAL’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of DAL approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to DAL or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to DAL, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of DAL’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of DAL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of DAL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of DAL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if DAL provided no return over a one year period during which DAL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if DAL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if DAL’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of DAL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of DAL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">DAL’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">48.90%. DAL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">81.55% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. DAL’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">1.13%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what DAL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If DAL has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if DAL reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to DAL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to DAL and therefore achieve its daily inverse investment objective. The Fund’s exposure to DAL is impacted by DAL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to DAL at the end of each day. The possibility of the Fund being materially over- or under-exposed to DAL increases on days when DAL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) DAL. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with DAL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the DAL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to DAL. Any of these factors could decrease the inverse correlation between the performance of the Fund and DAL and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Delta Air Lines, Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of DAL and make no representation as to the performance of DAL. Investing in the Fund is not equivalent to investing in DAL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to DAL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of DAL. Significant short-term price movements in DAL could adversely impact the performance of both DAL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of DAL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, DAL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which DAL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact DAL and/or industrials sector and airlines </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily GM Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of GM. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">0</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">% of the average </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">value of its portfolio. However, this portfolio turnover rate is calculated without regard to cash instruments or derivative </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transactions. If the Fund's extensive use of derivatives was reflected, the Fund's portfolio turnover rate would be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to GM, consistent with the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">General Motors Company engages in the designing, manufacturing, and selling of trucks, crossovers, cars, and automobile parts, and in providing software-enabled services and subscriptions. The company was founded in 1908 and is headquartered in Detroit, MI. GM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by General Motors Company pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-34960 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding General Motors Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of July 31</span><span style="font-family:Arial;font-size:8.645pt;">, 2025, GM is assigned to the consumer discretionary sector and automobiles industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in GM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short GM exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and automobiles industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure in the consumer discretionary </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">sector and automobiles industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of GM. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to GM is consistent with the Fund’s investment objective. The impact of GM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of GM has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of GM has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding General Motors Company from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding General Motors Company is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of GM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning General Motors Company could affect the value of the Fund’s investments with respect to GM and therefore the value </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in GM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short GM exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and automobiles industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure in the consumer discretionary </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">sector and automobiles industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of GM rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when GM’s daily return decreases. The Fund’s assets will decrease in value when GM’s daily return increases. Because historically </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of GM approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to GM or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to GM, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of GM’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of GM during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of GM. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of GM. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if GM provided no return over a one year period during which GM experienced annualized volatility </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if GM’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if GM’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of GM and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of GM. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">GM’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">43.15%. GM’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">61.42% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. GM’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">8.61%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what GM volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If GM has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if GM reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to GM that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to GM and therefore achieve its daily inverse investment objective. The Fund’s exposure to GM is impacted by GM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to GM at the end of each day. The possibility of the Fund being materially over- or under-exposed to GM increases on days when GM is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) GM. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with GM. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the GM, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to GM. Any of these factors could decrease the inverse correlation between the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Fund and GM and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> General Motors Company is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of GM and make no representation as to the performance of GM. Investing in the Fund is not equivalent to investing in GM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to GM.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of GM. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Significant short-term price movements in GM could adversely impact the performance of both GM and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of GM.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, GM, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and automobiles industry (the risks of which are described below), the same industry and/or sector to which GM is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact GM and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">consumer discretionary sector and automobiles industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Automotive Companies Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The automotive industry </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, autonomous vehicle technologies) may require </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">events that may negatively impact the automotive industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily LUV Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of LUV. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to LUV, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Southwest Airlines Co. engages in the operation and management of a passenger airline. The company was </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">founded in1967 and is headquartered in Dallas, TX. LUV is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Southwest Airlines Co. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-7259 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Southwest Airlines Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, LUV is assigned to the industrials sector and airline industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LUV that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short LUV exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of LUV. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to LUV is consistent with the Fund’s investment objective. The impact of LUV’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of LUV has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of LUV has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Southwest Airlines Co. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">that such publicly available documents or any other publicly available information regarding Southwest Airlines Co. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of LUV have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Southwest Airlines Co. could affect the value of the Fund’s investments with respect </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">to LUV and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LUV that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short LUV exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of LUV rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when LUV’s daily return decreases. The Fund’s assets will decrease in value when LUV’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of LUV approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to LUV or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to LUV, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of LUV’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of LUV during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of LUV. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of LUV. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if LUV provided no return over a one year period during which LUV experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if LUV’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if LUV’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of LUV and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of LUV. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">LUV’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">41.70%. LUV’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">62.60% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. LUV’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">-8.03%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what LUV volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If LUV has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if LUV reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to LUV that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to LUV and therefore achieve its daily inverse investment objective. The Fund’s exposure to LUV is impacted by LUV’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to LUV at the end of each day. The possibility of the Fund being materially over- or under-exposed to LUV increases on days when LUV is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) LUV. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with LUV. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the LUV, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to LUV. Any of these factors could decrease the inverse correlation between the performance of the Fund and LUV and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Southwest Airlines Co. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of LUV and make no representation as to the performance of LUV. Investing in the Fund is not equivalent to investing in LUV. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to LUV.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of LUV. Significant short-term price movements in LUV could adversely impact the performance of both LUV and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of LUV.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, LUV, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which LUV is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">expected to increase from any market movements that adversely impact LUV and/or industrials sector and airlines </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily MRVL Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of MRVL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to MRVL, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Marvell Technology, Inc. engages in the design, development, and sale of integrated circuits. The company was founded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in 1995 and is headquartered in Wilmington, DE. MRVL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Marvell Technology, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-40357 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Marvell Technology, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, MRVL is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the information technology sector and semiconductor </span><span style="font-family:Arial;font-size:8.645pt;">industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MRVL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short MRVL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of MRVL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to MRVL is consistent with the Fund’s investment objective. The impact of MRVL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of MRVL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of MRVL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Marvell Technology, Inc. from the publicly available documents described above. Neither the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Marvell Technology, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MRVL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Marvell Technology, Inc. could affect the value of the Fund’s investments with respect to MRVL and therefore the value </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MRVL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short MRVL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of MRVL rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when MRVL’s daily return decreases. The Fund’s assets will decrease in value when MRVL’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of MRVL approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to MRVL or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to MRVL, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of MRVL’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of MRVL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of MRVL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of MRVL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if MRVL provided no return over a one year period during which MRVL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if MRVL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if MRVL’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of MRVL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of MRVL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">MRVL’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">54.96%. MRVL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">63.08% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. MRVL’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">33.55%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what MRVL volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If MRVL has a dramatic intraday increase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if MRVL reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to MRVL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to MRVL and therefore achieve its daily inverse investment objective. The Fund’s exposure to MRVL is impacted by MRVL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to MRVL at the end of each day. The possibility of the Fund being materially over- or under-exposed to MRVL increases on days when MRVL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) MRVL. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with MRVL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the MRVL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to MRVL. Any of these factors could decrease the inverse correlation between the performance of the Fund and MRVL and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Marvell Technology, Inc. is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of MRVL and make no representation as to the performance of MRVL. Investing in the Fund is not equivalent to investing in MRVL. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to MRVL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of MRVL. Significant short-term price movements in MRVL could adversely impact the performance of both MRVL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of MRVL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, MRVL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector and semiconductor industry (the risks of which are described below), the same industry and/or sector to which MRVL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact MRVL and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">information technology sector and semiconductor industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductor Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Semiconductor companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may face intense competition, both domestically and internationally, including from subsidized foreign competitors with lower production costs, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor companies typically face high capital costs and such companies may need additional financing, which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily NKE Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of NKE. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to NKE, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NIKE, Inc. engages in the design, development, marketing, and sale of athletic footwear, apparel, accessories, equipment, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and services. The company was founded in 1964 and is headquartered in Beaverton, OR. NKE is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NIKE, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10635 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NIKE, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, NKE is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the consumer discretionary sector and textiles, apparel </span><span style="font-family:Arial;font-size:8.645pt;">&amp; luxury goods industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in NKE that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short NKE exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the consumer discretionary sector and textiles, apparel &amp; luxury </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">goods industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of NKE. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to NKE is consistent with the Fund’s investment objective. The impact of NKE’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of NKE has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of NKE has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding NIKE, Inc. from the publicly available documents described above. Neither the Fund, the Trust, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding NIKE, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of NKE have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning NIKE, Inc. could affect the value of the Fund’s investments with respect to NKE and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in NKE that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short NKE exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the consumer discretionary sector and textiles, apparel &amp; luxury </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">goods industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of NKE rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when NKE’s daily return decreases. The Fund’s assets will decrease in value when NKE’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of NKE approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to NKE or limited liquidity related to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to NKE, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of NKE’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of NKE during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of NKE. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of NKE. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if NKE provided no return over a one year period during which NKE experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if NKE’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if NKE’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of NKE and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of NKE. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NKE’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">34.77%. NKE’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">42.38% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. NKE’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">-4.58%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what NKE volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If NKE has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if NKE reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to NKE that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to NKE and therefore achieve its daily inverse investment objective. The Fund’s exposure to NKE is impacted by NKE’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to NKE at the end of each day. The possibility of the Fund being materially over- or under-exposed to NKE increases on days when NKE is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) NKE. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with NKE. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the NKE, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to NKE. Any of these factors could decrease the inverse correlation between the performance of the Fund and NKE and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> NIKE, Inc. is not affiliated with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of NKE and make no representation as to the performance of NKE. Investing in the Fund is not equivalent to investing in NKE. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">respect to NKE.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of NKE. Significant short-term price movements in NKE could adversely impact the performance of both NKE and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of NKE.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, NKE, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (the risks of which are described below), the same industry and/or sector to which NKE is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact NKE and/or consumer discretionary sector and textiles, apparel &amp; luxury </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">goods industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily ORCL Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of ORCL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to ORCL, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Oracle Corporation engages in the provision of products and services that address aspects of corporate information </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">technology environments, including applications and infrastructure technologies. The company was founded in 1977 and is headquartered in Austin, TX. ORCL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Oracle Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-35992 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Oracle Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of July 31</span><span style="font-family:Arial;font-size:8.645pt;">, 2025, ORCL is assigned to the information technology </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sector and the software industry, with exposure to companies </span><span style="font-family:Arial;font-size:8.645pt;">involved in artificial intelligence and big data. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ORCL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ORCL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ORCL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ORCL is consistent with the Fund’s investment objective. The impact of ORCL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ORCL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of ORCL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Oracle Corporation from the publicly </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Oracle Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ORCL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Oracle Corporation could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">ORCL and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ORCL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ORCL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of ORCL rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when ORCL’s daily return decreases. The Fund’s assets will decrease in value when ORCL’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of ORCL approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to ORCL or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to ORCL, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of ORCL’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ORCL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of ORCL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of ORCL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if ORCL provided no return over a one year period during which ORCL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if ORCL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if ORCL’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of ORCL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of ORCL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ORCL’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">32.80%. ORCL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">39.89% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. ORCL’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">27.67%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what ORCL volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If ORCL has a dramatic intraday increase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if ORCL reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to ORCL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to ORCL and therefore achieve its daily inverse investment objective. The Fund’s exposure to ORCL is impacted by ORCL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ORCL at the end of each day. The possibility of the Fund being materially over- or under-exposed to ORCL increases on days when ORCL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ORCL. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with ORCL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the ORCL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to ORCL. Any of these factors could decrease the inverse correlation between the performance of the Fund and ORCL and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Oracle Corporation is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of ORCL and make no representation as to the performance of ORCL. Investing in the Fund is not equivalent to investing in ORCL. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to ORCL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of ORCL. Significant short-term price movements in ORCL could adversely impact the performance of both ORCL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of ORCL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, ORCL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which ORCL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact ORCL and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">information technology sector and the software industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies that develop and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">associated with technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Artificial Intelligence (AI) and Big Data Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on AI and big data companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily PDD Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of PDD. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to PDD, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">PDD Holdings, Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">was founded in 2015 and is headquartered in Dublin, Ireland. PDD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by PDD Holdings Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38591 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding PDD Holdings Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, PDD is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the consumer discretionary sector and retail industry. PDD is a Chinese-based company and is traded as an American </span><span style="font-family:Arial;font-size:8.645pt;">Depositary Share ("ADR") in the United States. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PDD that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short PDD exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and retail industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide inverse exposure in the consumer discretionary sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and retail industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of PDD. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to PDD is consistent with the Fund’s investment objective. The impact of PDD’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of PDD has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of PDD has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding PDD Holdings Inc. from the publicly available documents described above. Neither the Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding PDD Holdings Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PDD have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning PDD Holdings Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">PDD and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PDD that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short PDD exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and retail industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide inverse exposure in the consumer discretionary sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and retail industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of PDD rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when PDD’s daily return decreases. The Fund’s assets will decrease in value when PDD’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of PDD approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to PDD or limited liquidity related to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to PDD, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of PDD’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of PDD during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of PDD. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of PDD. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if PDD provided no return over a one year period during which PDD experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if PDD’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if PDD’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of PDD and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of PDD. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">PDD’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">74.42%. PDD’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">74.60% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. PDD’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">24.47%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what PDD volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If PDD has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if PDD reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to PDD that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to PDD and therefore achieve its daily inverse investment objective. The Fund’s exposure to PDD is impacted by PDD’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to PDD at the end of each day. The possibility of the Fund being materially over- or under-exposed to PDD increases on days when PDD is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) PDD. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with PDD. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the PDD, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to PDD. Any of these factors could decrease the inverse correlation between the performance of the Fund and PDD and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> PDD Holdings Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of PDD and make no representation as to the performance of PDD. Investing in the Fund is not equivalent to investing in PDD. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to PDD.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of PDD. Significant short-term price movements in PDD could adversely impact the performance of both PDD and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of PDD.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Chinese Securities Risks </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Although the economy of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">People’s Republic of China (“China” or the “PRC”) has been in a state of transition from a government-planned socialist economy to a more market-oriented economy since the 1970s, the level of government involvement in China’s economy continues to distinguish it from other global markets as the majority of productive assets in China are owned (at different levels) by the PRC. Due to PRC government economic reforms during the last thirty years, China’s economy, as reflected in the value of Chinese issuers, has experienced significant growth. There can be no assurance, however, that the PRC government will continue to pursue such reforms. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. In addition, in recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">illiquid. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Laws and regulations in China are less well-developed and may not be enforced, and court decisions do not establish binding precedent. In addition, laws and regulations may change with little or no advance notice. Accordingly, there is little assurance about the effect of laws and regulations, including those regarding foreign investment in Chinese securities. The PRC government strictly regulates foreign currency transactions, effectively controlling the flow of capital into and out of China. The Chinese authorities can intervene in the operations and structure of Chinese </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Chinese economy is export-driven and highly reliant on trade. China’s maintenance of relationships with its primary trading partners, such as the U.S., Japan, South Korea and countries in the European Union, is critical to the Chinese economy. Worsening trade relations between the U.S. and China could adversely impact Chinese securities, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. Worsening trade relations may also result in market volatility and volatility in the price of Fund shares. Reduction in spending on Chinese products and services, supply chain diversification, additional tariffs or other trade barriers, an economic slowdown or recession in countries that import significant goods from China would likely adversely impact </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Chinese issuers. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Inflation has historically been an issue in China, and the taxation of investments in China remains unsettled. Chinese issuers and the Fund, as an investor in such issuers, could be subject to retroactive taxation. There also remains a risk that assets or investments in China will be nationalized or expropriated. China’s securities markets can be more volatile than other global markets and issuers in them are not typically required to provide the same amount or quality of information, including financial information, as U.S. companies. Investors who are harmed as a result of the lack of (quality) information about Chinese issuers will generally have little to no recourse due to the lack of remedies available in China, and the difficulty of pursuing and enforcing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">remedies. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">China has experienced security concerns, such as terrorism and strained international relations. Internal social unrest or confrontations with neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Additionally, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">China is alleged to have participated in cyberattacks against foreign countries and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on Chinese government or Chinese companies, may impact China’s economy and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">cause uncertainty in Chinese securities markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">American Depositary Receipt (“ADRs”) Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> ADRs are </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">an equity security issued by a U.S. bank or broker that represents one or more shares of a foreign-company stock held by the U.S. bank in the foreign company’s home stock market. ADRs may be listed on a major U.S. stock exchange or may be traded over the counter and are generally denominated in U.S. dollars. Because ADRs are issued by non-U.S. companies, they are subject to various foreign investment risks. These risks include the risk that the currency in the issuing company’s country will drop relative to the U.S. dollar, that politics or regime changes in the issuing company’s country will undermine exchange rates or destabilize the company and its earnings, or that inflation in the issuing company’s country will erode the value of the foreign currency. Additionally, investors may not have access to the same amount of information about the company </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">that is available about domestic companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, PDD, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and retail industry (the risks of which are described below), the same industry and/or sector to which PDD is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact PDD and/or consumer discretionary </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">sector and retail industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Retail Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Retail and related industries can be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">significantly affected by the performance of the domestic and international economy, consumer confidence and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">spending, intense competition, changes in demographics, and changing consumer tastes and preferences. In addition, the retail industry is highly competitive and a company’s success can be tied to its ability to anticipate changing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily RDDT Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of RDDT. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to RDDT, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Reddit, Inc. operates an entertainment, social networking, and news website where registered community members </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can submit content. The company was founded in 2005 and is headquartered in San Francisco, CA. RDDT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Reddit, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41983 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Reddit, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, RDDT is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the communication services sector and interactive media </span><span style="font-family:Arial;font-size:8.645pt;">&amp; services industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RDDT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RDDT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the communication services sector and interactive media &amp; services industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide inverse exposure in the communication services sector and interactive media &amp; services </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of RDDT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to RDDT is consistent with the Fund’s investment objective. The impact of RDDT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of RDDT has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of RDDT has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Reddit, Inc. from the publicly available </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Reddit, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RDDT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Reddit, Inc. could affect the value of the Fund’s investments with respect to RDDT and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RDDT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RDDT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the communication services sector and interactive media &amp; services industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide inverse exposure in the communication services sector and interactive media &amp; services </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of RDDT rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when RDDT’s daily return decreases. The Fund’s assets will decrease in value when RDDT’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of RDDT approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to RDDT or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to RDDT, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of RDDT’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of RDDT during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of RDDT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of RDDT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if RDDT provided no return over a one year period during which RDDT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if RDDT’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if RDDT’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of RDDT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of RDDT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">RDDT’s annualized historical volatility rate for the </span><span style="font-family:Arial;font-size:8.645pt;">period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">March 20, 2024 (the offering</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">date</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">of RDDT)</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">to December 31,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">2024</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">was 106.08%. RDDT’s annualized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance for the </span><span style="font-family:Arial;font-size:8.645pt;">period from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">March 20, 2024</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">date of RDDT) to </span><span style="font-family:Arial;font-size:8.645pt;">December 31, 2024 was 641.70%. Historical </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility and performance are not indications of what </span><span style="font-family:Arial;font-size:8.645pt;">the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility and performance </span><span style="font-family:Arial;font-size:8.645pt;">of RDDT will be in the future. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The volatility of instruments that reflect the value of RDDT, </span><span style="font-family:Arial;font-size:8.645pt;">such as swaps, may differ from the volatility of RDDT.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If RDDT has a dramatic intraday increase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if RDDT reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to RDDT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to RDDT and therefore achieve its daily inverse investment objective. The Fund’s exposure to RDDT is impacted by RDDT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to RDDT at the end of each day. The possibility of the Fund being materially over- or under-exposed to RDDT increases on days when RDDT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) RDDT. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with RDDT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the RDDT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to RDDT. Any of these factors could decrease the inverse correlation between the performance of the Fund and RDDT and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information, or disruptions in services, which would have </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a material adverse effect on their businesses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Reddit, Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of RDDT and make no representation as to the performance of RDDT. Investing in the Fund is not equivalent to investing in RDDT. Fund shareholders will not have voting rights or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to RDDT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of RDDT. Significant short-term price movements in RDDT could adversely impact the performance of both RDDT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of RDDT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, RDDT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the communication services sector and interactive media &amp; services industry (the risks of which are described below), the same industry and/or sector to which RDDT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact RDDT and/or communication services sector and interactive media </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">&amp; services industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic </span><span style="font-family:Arial;font-size:8.645pt;">communication networks. Trading in Shares on their listing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily RKLB Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of RKLB. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to RKLB, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Rocket Lab USA, Inc. is an aerospace company, which engages in the development of rocket launch and control systems </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for the space and defense industries. The company was founded in 2006 and is headquartered in Long Beach, CA. RKLB is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Rocket Lab USA, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39560 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Rocket Lab USA, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, RKLB is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the industrials sector and aerospace &amp; defense industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RKLB that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RKLB exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and aerospace &amp; defense industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure in the industrials sector and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">aerospace &amp; defense industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of RKLB. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to RKLB is consistent with the Fund’s investment objective. The impact of RKLB’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of RKLB has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of RKLB has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Rocket Lab USA, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Rocket Lab USA, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RKLB have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Rocket Lab USA, Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">RKLB and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RKLB that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RKLB exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and aerospace &amp; defense industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure in the industrials sector and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">aerospace &amp; defense industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of RKLB rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when RKLB’s daily return decreases. The Fund’s assets will decrease in value when RKLB’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of RKLB approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to RKLB or limited liquidity related to the reference asset of the underlying short position, which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to RKLB, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of RKLB’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of RKLB during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of RKLB. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of RKLB. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if RKLB provided no return over a one year period during which RKLB experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if RKLB’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if RKLB’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of RKLB and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of RKLB. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">RKLB’s annualized historical volatility rate for the </span><span style="font-family:Arial;font-size:8.645pt;">period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">September 24, 2020</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">date</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">of RKLB)</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">to December 31,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">2024</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">was 72.30%. RKLB’s annualized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance for the </span><span style="font-family:Arial;font-size:8.645pt;">period from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">September 24, 2020</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">offering date of RKLB) to </span><span style="font-family:Arial;font-size:8.645pt;">December 31, 2024 was 24.47%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of what </span><span style="font-family:Arial;font-size:8.645pt;">the volatility and performance of RKLB will be in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">future.</span><span style="font-family:Arial;font-size:8.645pt;"> The volatility of instruments that reflect the value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of RKLB, such as swaps, may differ from the volatility of </span><span style="font-family:Arial;font-size:8.645pt;">RKLB.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If RKLB has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if RKLB reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to RKLB that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to RKLB and therefore achieve its daily inverse investment objective. The Fund’s exposure to RKLB is impacted by RKLB’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to RKLB at the end of each day. The possibility of the Fund being materially over- or under-exposed to RKLB increases on days when RKLB is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) RKLB. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with RKLB. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the RKLB, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to RKLB. Any of these factors could decrease the inverse correlation between the performance of the Fund and RKLB and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Rocket Lab USA, Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of RKLB and make no representation as to the performance of RKLB. Investing in the Fund is not equivalent to investing in RKLB. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to RKLB.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of RKLB. Significant short-term price movements in RKLB could adversely impact the performance of both RKLB and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of RKLB.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, RKLB, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the industrials sector and aerospace &amp; defense industry (the risks of which are described </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">below), the same industry and/or sector to which RKLB is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact RKLB and/or industrials sector and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">aerospace &amp; defense industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Aerospace and Defense Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The aerospace </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and defense industry can be significantly affected by government regulation and spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services. The financial condition of companies in this industry is heavily influenced by government defense spending, which may be reduced in efforts to control government budgets. The aerospace industry in particular has recently been affected by adverse economic conditions and consolidation within </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily SBUX Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of SBUX. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">0</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">% of the average </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">value of its portfolio. However, this portfolio turnover rate is calculated without regard to cash instruments or derivative </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transactions. If the Fund's extensive use of derivatives was reflected, the Fund's portfolio turnover rate would be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to SBUX, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Starbucks Corporation engages in the production, marketing, and retailing of specialty coffee. The company was founded in 1985, and is headquartered in Seattle, WA. SBUX is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Starbucks Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-20322 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Starbucks Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, SBUX is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SBUX that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SBUX exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SBUX. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SBUX is consistent with the Fund’s investment objective. The impact of SBUX’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SBUX has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SBUX has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Starbucks Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Starbucks Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SBUX have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Starbucks Corporation could affect the value of the Fund’s investments with respect </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">to SBUX and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SBUX that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SBUX exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of SBUX rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when SBUX’s daily return decreases. The Fund’s assets will decrease in value when SBUX’s daily return increases. Because historically most assets have risen in value over the long </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of SBUX approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to SBUX or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to SBUX, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of SBUX’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SBUX during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of SBUX. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of SBUX. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if SBUX provided no return over a one year period during which SBUX experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a significant loss of value in the Fund, even if SBUX’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if SBUX’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of SBUX and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of SBUX. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">SBUX’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">33.97%. SBUX’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">45.59% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. SBUX’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">2.91%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what SBUX volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If SBUX has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if SBUX reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to SBUX that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to SBUX and therefore achieve its daily inverse investment objective. The Fund’s exposure to SBUX is impacted by SBUX’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SBUX at the end of each day. The possibility of the Fund being materially over- or under-exposed to SBUX increases on days when SBUX is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SBUX. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with SBUX. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the SBUX, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to SBUX. Any of these factors could decrease the inverse correlation between </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the performance of the Fund and SBUX and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Starbucks Corporation is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of SBUX and make no representation as to the performance of SBUX. Investing in the Fund is not equivalent to investing in SBUX. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to SBUX.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of SBUX. Significant short-term price movements in SBUX could </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">adversely impact the performance of both SBUX and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of SBUX.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, SBUX, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which SBUX is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact SBUX and/or consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily SONY Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of SONY. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to SONY, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Sony Group Corporation engages in the development, design, manufacture, and sale of electronic equipment, instruments, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">devices, game consoles, and software for consumers, professionals and industrial markets. The company was founded in 1946 and is headquartered in Tokyo, Japan. SONY is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Sony Group Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06439 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Sony Group Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, SONY is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the consumer discretionary sector and household durables industry. SONY is a Japanese-based company and is traded as an American Depositary Share ("ADR") in the United States. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SONY that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SONY exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and household durables industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the consumer </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discretionary sector and household durables industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SONY. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SONY is consistent with the Fund’s investment objective. The impact of SONY’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SONY has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SONY has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Sony Group Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Sony Group Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SONY have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Sony Group Corporation could affect the value of the Fund’s investments with respect to SONY and therefore the value </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SONY that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SONY exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and household durables industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the consumer </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discretionary sector and household durables industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of SONY rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when SONY’s daily return decreases. The Fund’s assets will decrease in value when SONY’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of SONY approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to SONY or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to SONY, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of SONY’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SONY during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of SONY. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of SONY. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if SONY provided no return over a one year period during which SONY experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SONY’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if SONY’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of SONY and those shaded green (or light gray) represent those scenarios where the Fund can be expected </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to return more than -100% of the performance of SONY. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">SONY’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">29.76%. SONY’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">33.79% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. SONY’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">9.92%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what SONY volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If SONY has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if SONY reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to SONY that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to SONY and therefore achieve its daily inverse investment objective. The Fund’s exposure to SONY is impacted by SONY’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SONY at the end of each day. The possibility of the Fund being materially over- or under-exposed to SONY increases on days when SONY is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SONY. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with SONY. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the SONY, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to SONY. Any of these factors could decrease the inverse correlation between the performance of the Fund and SONY and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Sony Group Corporation is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of SONY and make no representation as to the performance of SONY. Investing in the Fund is not equivalent to investing in SONY. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to SONY.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of SONY. Significant short-term price movements in SONY could adversely impact the performance of both SONY and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of SONY.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, SONY, and therefore, a particular industry </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and household durables industry (the risks of which are described below), the same industry and/or sector to which SONY is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact SONY and/or consumer discretionary sector and household durables </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Japanese Economy Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - The growth of Japan’s economy </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">has lagged that of its Asian neighbors and other major developed countries. Since 2000, Japan’s economic growth rate has remained relatively low, and it may remain low in the future. The Japanese economy is characterized by government intervention and protectionism, an unstable financial services sector, changes in its labor market, and is heavily dependent on international trade and has been adversely affected by trade tariffs and competition from emerging economies. As such, economic growth is heavily dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. Any changes or trends in these economic factors could have a significant impact on Japan’s economy overall and may negatively affect the Fund’s investment. Japan’s economy is also closely tied to its two largest trading partners, the U.S. and China. Economic volatility in either nation may create volatility in Japan’s economy as well. Additionally, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Japan’s relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and national </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">security concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">American Depositary Receipt (“ADRs”) Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> ADRs are </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">an equity security issued by a U.S. bank or broker that represents one or more shares of a foreign-company stock held by the U.S. bank in the foreign company’s home stock market. ADRs may be listed on a major U.S. stock exchange or may be traded over the counter and are generally denominated in U.S. dollars. Because ADRs are issued by non-U.S. companies, they are subject to various foreign investment risks. These risks include the risk that the currency in the issuing company’s country will drop relative to the U.S. dollar, that politics or regime changes in the issuing company’s country will undermine exchange rates or destabilize the company and its earnings, or that inflation in the issuing company’s country will erode the value of the foreign currency. Additionally, investors may not have access to the same amount of information about the company </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">that is available about domestic companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily TGT Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of TGT. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to TGT, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Target Corporation engages in the operation and ownership of general merchandise stores. It offers food and general </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">merchandise, clothing and household goods, electronics, and toys. The company was founded in 1902 and is headquartered in Minneapolis, MN. TGT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Target Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-6049 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Target Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of July 31</span><span style="font-family:Arial;font-size:8.645pt;">, 2025, TGT is assigned to the consumer staples sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TGT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TGT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TGT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TGT is consistent with the Fund’s investment objective. The impact of TGT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TGT has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of TGT has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Target Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Target Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TGT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Target Corporation could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">TGT and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TGT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TGT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of TGT rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when TGT’s daily return decreases. The Fund’s assets will decrease in value when TGT’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of TGT approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to TGT or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to TGT, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of TGT’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TGT during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of TGT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of TGT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if TGT provided no return over a one year period during which TGT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if TGT’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if TGT’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of TGT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of TGT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TGT’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">35.86%. TGT’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">48.35% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. TGT’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">3.44%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what TGT volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If TGT has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if TGT reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to TGT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to TGT and therefore achieve its daily inverse investment objective. The Fund’s exposure to TGT is impacted by TGT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TGT at the end of each day. The possibility of the Fund being materially over- or under-exposed to TGT increases on days when TGT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TGT. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with TGT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the TGT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to TGT. Any of these factors could decrease the inverse correlation between the performance of the Fund and TGT and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Target Corporation is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of TGT and make no representation as to the performance of TGT. Investing in the Fund is not equivalent to investing in TGT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to TGT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of TGT. Significant short-term price movements in TGT could adversely impact the performance of both TGT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of TGT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, TGT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer staples sector (the risks of which are described below), the same industry and/or sector to which TGT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact TGT and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">consumer staples sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily TXN Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of TXN. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to TXN, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Texas Instruments Incorporated engages in the design and manufacture of semiconductors. The company was founded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in 1930 and is headquartered in Dallas, TX. TXN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Texas Instrument Incorporated pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-03761 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Texas Instrument Incorporated may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, TXN is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the information technology sector and semiconductor </span><span style="font-family:Arial;font-size:8.645pt;">industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TXN that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TXN exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TXN. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TXN is consistent with the Fund’s investment objective. The impact of TXN’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TXN has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of TXN has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Texas Instruments Incorporated from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Texas Instruments Incorporated is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TXN have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Texas Instruments Incorporated could affect the value of the Fund’s investments with respect to TXN and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TXN that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TXN exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of TXN rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when TXN’s daily return decreases. The Fund’s assets will decrease in value when TXN’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of TXN approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to TXN or limited liquidity related to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to TXN, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of TXN’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TXN during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of TXN. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of TXN. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if TXN provided no return over a one year period during which TXN experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if TXN’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if TXN’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of TXN and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of TXN. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TXN’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">31.35%. TXN’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">43.11% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. TXN’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">10.91%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what TXN volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If TXN has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if TXN reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to TXN that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to TXN and therefore achieve its daily inverse investment objective. The Fund’s exposure to TXN is impacted by TXN’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TXN at the end of each day. The possibility of the Fund being materially over- or under-exposed to TXN increases on days when TXN is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TXN. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with TXN. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the TXN, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to TXN. Any of these factors could decrease the inverse correlation between the performance of the Fund and TXN and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Texas Instruments Incorporated is </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of TXN and make no representation as to the performance of TXN. Investing in the Fund is not equivalent to investing in TXN. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to TXN.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of TXN. Significant short-term price movements in TXN could adversely impact the performance of both TXN and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of TXN.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, TXN, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector and semiconductor industry (the risks of which are described below), the same industry and/or sector to which TXN is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and industry, it should be expected to increase from any market movements that adversely impact TXN and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">information technology sector and semiconductor industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductor Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Semiconductor companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may face intense competition, both domestically and internationally, including from subsidized foreign competitors with lower production costs, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor companies typically face high capital costs and such companies may need additional financing, which may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily UAL Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of UAL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to UAL, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">United Airlines Holdings, Inc. is a holding company, which engages in the provision of transportation services. It operates </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">through the following geographical segments: Domestic, Atlantic, Pacific, and Latin America. The company was founded in 1968 and is headquartered in Chicago, IL. UAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by United Airlines Holdings, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06033 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding United Airlines Holdings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, UAL is assigned to the industrials sector and airline industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UAL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UAL is consistent with the Fund’s investment objective. The impact of UAL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UAL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of UAL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding United Airlines Holdings, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding United Airlines Holdings, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UAL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning United Airlines Holdings, Inc. could affect the value of the Fund’s investments with respect to UAL and therefore the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of UAL rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when UAL’s daily return decreases. The Fund’s assets will decrease in value when UAL’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of UAL approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to UAL or limited liquidity related to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to UAL, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of UAL’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of UAL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of UAL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of UAL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if UAL provided no return over a one year period during which UAL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if UAL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if UAL’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of UAL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of UAL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UAL’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">61.69%. UAL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">104.53% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. UAL’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">1.96%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what UAL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If UAL has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if UAL reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to UAL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to UAL and therefore achieve its daily inverse investment objective. The Fund’s exposure to UAL is impacted by UAL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UAL at the end of each day. The possibility of the Fund being materially over- or under-exposed to UAL increases on days when UAL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UAL. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with UAL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the UAL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to UAL. Any of these factors could decrease the inverse correlation between the performance of the Fund and UAL and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> United Airlines Holdings, Inc. is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of UAL and make no representation as to the performance of UAL. Investing in the Fund is not equivalent to investing in UAL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to UAL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of UAL. Significant short-term price movements in UAL could adversely impact the performance of both UAL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of UAL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, UAL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which UAL is assigned. Since the Fund is concentrated in a particular security and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact UAL and/or industrials sector and airlines </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily UNH Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of UNH. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to UNH, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UnitedHealth Group Incorporated engages in the provision of health care coverage, software, and data consultancy </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services. The company was founded in 1977 and is headquartered in Eden Prairie, MN. UNH is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by UnitedHealth Group Incorporated pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10864 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding UnitedHealth Group Incorporated may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, UNH is assigned to the healthcare sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UNH that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UNH exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the healthcare sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">healthcare sector).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UNH. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UNH is consistent with the Fund’s investment objective. The impact of UNH’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UNH has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of UNH has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding UnitedHealth Group Incorporated from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding UnitedHealth Group Incorporated is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UNH have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning UnitedHealth Group Incorporated could affect the value of the Fund’s investments with respect to UNH and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UNH that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UNH exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the healthcare sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">healthcare sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of UNH rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when UNH’s daily return decreases. The Fund’s assets will decrease in value when UNH’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of UNH approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to UNH or limited liquidity related to the reference asset of the underlying short position, which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to UNH, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of UNH’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of UNH during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of UNH. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of UNH. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if UNH provided no return over a one year period during which UNH experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if UNH’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if UNH’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of UNH and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of UNH. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UNH’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">29.87%. UNH’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">48.25% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. UNH’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">13.10%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what UNH volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If UNH has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if UNH reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to UNH that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to UNH and therefore achieve its daily inverse investment objective. The Fund’s exposure to UNH is impacted by UNH’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UNH at the end of each day. The possibility of the Fund being materially over- or under-exposed to UNH increases on days when UNH is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UNH. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with UNH. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the UNH, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to UNH. Any of these factors could decrease the inverse correlation between the performance of the Fund and UNH and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> UnitedHealth Group Incorporated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of UNH and make no representation as to the performance of UNH. Investing in the Fund is not equivalent to investing in UNH. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to UNH.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of UNH. Significant short-term price movements in UNH could adversely impact the performance of both UNH and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of UNH.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, UNH, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the healthcare sector (the risks of which are described below), the same industry and/or sector to which UNH is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact UNH and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">healthcare sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Healthcare Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The profitability of companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the healthcare sector may be affected by extensive, costly and uncertain government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), changes in the demand for medical products and services, an increased emphasis on outpatient services, limited product lines, industry innovation and/or consolidation, changes in technologies and other market developments. Many healthcare companies are heavily dependent on obtaining and defending patents, which may be time consuming and costly. The expiration of patents may adversely affect the profitability of these companies. Many healthcare companies are subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will come to market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic </span><span style="font-family:Arial;font-size:8.645pt;">communication networks. Trading in Shares on their listing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily WMT Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of WMT. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to WMT, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Walmart Inc. engages in the retail and wholesale business. The company was founded in 1962 and is headquartered </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in Bentonville, AR. WMT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Walmart Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06991 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Walmart Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, WMT is assigned to the consumer staples sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in WMT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short WMT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of WMT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to WMT is consistent with the Fund’s investment objective. The impact of WMT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of WMT has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of WMT has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Walmart Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">available information regarding Walmart Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of WMT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Walmart Inc. could affect the value of the Fund’s investments with respect to WMT </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in WMT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short WMT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of WMT rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when WMT’s daily return decreases. The Fund’s assets will decrease in value when WMT’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of WMT approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to WMT or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to WMT, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of WMT’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of WMT during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of WMT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of WMT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if WMT provided no return over a one year period during which WMT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if WMT’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if WMT’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of WMT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of WMT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">WMT’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">22.59%. WMT’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">31.21% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. WMT’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">19.69%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what WMT volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If WMT has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if WMT reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to WMT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to WMT and therefore achieve its daily inverse investment objective. The Fund’s exposure to WMT is impacted by WMT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to WMT at the end of each day. The possibility of the Fund being materially over- or under-exposed to WMT increases on days when WMT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) WMT. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with WMT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the WMT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to WMT. Any of these factors could decrease the inverse correlation between the performance of the Fund and WMT and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Walmart Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of WMT and make no representation as to the performance of WMT. Investing in the Fund is not equivalent to investing in WMT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to WMT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of WMT. Significant short-term price movements in WMT could adversely impact the performance of both WMT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of WMT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, WMT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer staples sector (the risks of which are described below), the same industry and/or sector to which WMT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact WMT </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and/or consumer staples sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, </span><span style="font-family:Arial;font-size:8.645pt;">Shares may even be delisted. Trading halts of Shares should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily ABNB Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of ABNB. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of ABNB and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to ABNB, consistent </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Fund’s investment objective. The financial instrument in which the Fund most commonly invests is swap agreements which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Airbnb, Inc. engages in the management and operation of an online marketplace. Its marketplace model connects hosts and guests online or through mobile devices to book spaces. The company was founded in 2007 and is headquartered in San Francisco, CA.. ABNB is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Airbnb, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39778 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Airbnb, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, ABNB is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ABNB that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain ABNB exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ABNB. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ABNB is consistent with the Fund’s investment objective. The impact of ABNB’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ABNB has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of ABNB has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Airbnb, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Airbnb, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ABNB have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Airbnb, Inc. could affect the value of the Fund’s investments with respect to ABNB and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ABNB that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain ABNB exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of ABNB’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ABNB during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of ABNB. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of ABNB. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if ABNB provided no return over a one year period during which ABNB experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if ABNB’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if ABNB’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of ABNB and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of ABNB. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ABNB’s annualized historical volatility rate for the </span><span style="font-family:Arial;font-size:8.645pt;">period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from</span><span style="font-family:Arial;font-size:8.645pt;"> December 9, 2020</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">date</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">of ABNB)</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">to December 31,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">2021</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">was 74.42%. ABNB’s annualized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance for the </span><span style="font-family:Arial;font-size:8.645pt;">period from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">December 9, 2020</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">offering date of ABNB) to </span><span style="font-family:Arial;font-size:8.645pt;">December 31, 2021 was 17.60%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of what </span><span style="font-family:Arial;font-size:8.645pt;">the volatility and performance of ABNB will be in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">future.</span><span style="font-family:Arial;font-size:8.645pt;"> The volatility of instruments that reflect the value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of ABNB, such as swaps, may differ from the volatility of </span><span style="font-family:Arial;font-size:8.645pt;">ABNB.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of ABNB resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in ABNB, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of ABNB. This would result in a total loss of a shareholder’s investment in one day even if ABNB subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if ABNB does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with ABNB and may increase the volatility of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If ABNB has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if ABNB reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to ABNB that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to ABNB and therefore achieve its daily leveraged investment objective. The Fund’s exposure to ABNB is impacted by ABNB’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ABNB at the end of each day. The possibility of the Fund being materially over- or under-exposed to ABNB increases on days when ABNB is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ABNB. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with ABNB. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the ABNB, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to ABNB. Any of these factors could decrease the correlation between the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Fund and ABNB and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Airbnb, Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of ABNB and make no representation as to the performance of ABNB. Investing in the Fund is not equivalent to investing in ABNB. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to ABNB.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of ABNB. Significant short-term price movements in ABNB could adversely impact the performance of both ABNB and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of ABNB.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, ABNB, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which ABNB is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact ABNB and/or consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily ADBE Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of ADBE. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of ADBE and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to ADBE, consistent with the Fund’s investment objective. The financial instrument in which the Fund most commonly invests is swap agreements </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Adobe, Inc. is a global technology company, which engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The company was founded in 1982 and is headquartered in San Jose, CA. ADBE is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Adobe Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-15175 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Adobe Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, ADBE is assigned to the information technology sector and software industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ADBE that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain ADBE exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ADBE. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ADBE is consistent with the Fund’s investment objective. The impact of ADBE’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ADBE has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of ADBE has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Adobe Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Adobe Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ADBE have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Adobe Inc. could affect the value of the Fund’s investments with respect to ADBE and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ADBE that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain ADBE exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of ADBE’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ADBE during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of ADBE. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of ADBE. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if ADBE provided no return over a one year period during which ADBE experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if ADBE’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if ADBE’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of ADBE and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of ADBE. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ADBE’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">38.87%. ADBE’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">47.81% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. ADBE’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">6.15%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what ADBE volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of ADBE resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in ADBE, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of ADBE. This would result in a total loss of a shareholder’s investment in one day even if ADBE subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if ADBE does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with ADBE and may increase the volatility of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If ADBE has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if ADBE reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to ADBE that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to ADBE and therefore achieve its daily leveraged investment objective. The Fund’s exposure to ADBE is impacted by ADBE’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ADBE at the end of each day. The possibility of the Fund being materially over- or under-exposed to ADBE increases on days when ADBE is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ADBE. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with ADBE. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the ADBE, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to ADBE. Any of these factors could decrease the correlation between the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Fund and ADBE and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Adobe Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of ADBE and make no representation as to the performance of ADBE. Investing in the Fund is not equivalent to investing in ADBE. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to ADBE.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of ADBE. Significant short-term price movements in ADBE could adversely impact the performance of both ADBE and the Fund, increase the Fund’s bid-ask spread and adversely impact </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of ADBE.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, ADBE, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which ADBE is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact ADBE and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">information technology sector and the software industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies that develop and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">associated with technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily CRM Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of CRM. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of CRM and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to CRM, consistent with the Fund’s investment objective. The financial instrument in which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Salesforce, Inc. engages in the design and development of cloud-based enterprise software for customer relationship management. The company was founded in 1999 and is headquartered in San Francisco, CA. CRM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Salesforce, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-32224 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Salesforce, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CRM is assigned to the information technology sector and </span><span style="font-family:Arial;font-size:8.645pt;">the software industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CRM that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CRM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CRM. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CRM is consistent with the Fund’s investment objective. The impact of CRM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CRM has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CRM has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Salesforce, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Salesforce, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CRM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Salesforce, Inc. could affect the value of the Fund’s investments with respect to CRM </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CRM that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CRM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of CRM’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of CRM during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of CRM. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of CRM. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if CRM provided no return over a one year period during which CRM experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CRM’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if CRM’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of CRM and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of CRM. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CRM’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">40.02%. CRM’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">52.07% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. CRM’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">15.61%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what CRM volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of CRM resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in CRM, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of CRM. This would result in a total loss of a shareholder’s investment in one day even if CRM subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if CRM does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with CRM and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If CRM has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if CRM reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to CRM that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to CRM and therefore achieve its daily leveraged investment objective. The Fund’s exposure to CRM is impacted by CRM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CRM at the end of each day. The possibility of the Fund being materially over- or under-exposed to CRM increases on days when CRM is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CRM. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with CRM. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the CRM, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to CRM. Any of these factors could decrease the correlation between the performance of the Fund and CRM and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily leveraged investment objective on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Salesforce, Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of CRM and make no representation as to the performance of CRM. Investing in the Fund is not equivalent to investing in CRM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to CRM.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of CRM. Significant short-term price movements in CRM could adversely impact the performance of both CRM and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of CRM.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, CRM, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which CRM is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact CRM and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">information technology sector and the software industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies that develop and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">associated with technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily DAL Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of DAL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of DAL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to DAL, consistent with the Fund’s investment objective. The financial instrument in which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Delta Air Lines, Inc. engages in the provision of scheduled air transportation for passengers and cargo. It operates through the Airline and Refinery segments. The company was founded in 1928 and is headquartered in Atlanta, GA. DAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Delta Air Lines, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-05424 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Delta Air Lines, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, DAL is assigned to the industrials sector and airline industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain DAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of DAL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to DAL is consistent with the Fund’s investment objective. The impact of DAL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of DAL has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of DAL has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Delta Air Lines, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Delta Air Lines, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of DAL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Delta Air Lines, Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">DAL and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain DAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">over the period, which is likely to differ from 200% of DAL’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of DAL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of DAL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of DAL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if DAL provided no return over a one year period during which DAL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if DAL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if DAL’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of DAL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of DAL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">DAL’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">48.90%. DAL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">81.55% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. DAL’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">1.13%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what DAL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of DAL resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in DAL, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of DAL. This would result in a total loss of a shareholder’s investment in one day even if DAL subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if DAL does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with DAL and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If DAL has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if DAL reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to DAL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to DAL and therefore achieve its daily leveraged investment objective. The Fund’s exposure to DAL is impacted by DAL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to DAL at the end of each day. The possibility of the Fund being materially over- or under-exposed to DAL increases on days when DAL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) DAL. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with DAL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the DAL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to DAL. Any of these factors could decrease the correlation between the performance of the Fund and DAL and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily leveraged investment objective on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Delta Air Lines, Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of DAL and make no representation as to the performance of DAL. Investing in the Fund is not equivalent to investing in DAL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to DAL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of DAL. Significant short-term price movements in DAL could adversely impact the performance of both DAL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of DAL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, DAL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which DAL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact DAL and/or industrials sector and airlines </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily GM Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of GM. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of GM and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to GM, consistent with the Fund’s investment objective. The financial instrument in which the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">General Motors Company engages in the designing, manufacturing, and selling of trucks, crossovers, cars, and automobile parts, and in providing software-enabled services and subscriptions. The company was founded in 1908 and is headquartered in Detroit, MI. GM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by General Motors Company pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-34960 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding General Motors Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of July 31</span><span style="font-family:Arial;font-size:8.645pt;">, 2025, GM is assigned to the consumer discretionary sector and automobiles industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in GM that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain GM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and automobiles industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide leveraged exposure in the consumer discretionary </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">sector and automobiles industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of GM. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to GM is consistent with the Fund’s investment objective. The impact of GM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of GM has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of GM has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding General Motors Company from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding General Motors Company is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of GM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning General Motors Company could affect the value of the Fund’s investments with respect to GM and therefore the value </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in GM that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain GM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and automobiles industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide leveraged exposure in the consumer discretionary </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">sector and automobiles industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of GM’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of GM during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of GM. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of GM. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if GM provided no return over a one year period during which GM experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if GM’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if GM’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of GM and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of GM. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">GM’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">43.15%. GM’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">61.42% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. GM’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">8.61%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what GM volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of GM resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in GM, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of GM. This would result in a total loss of a shareholder’s investment in one day even if GM subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if GM does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with GM and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If GM has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if GM reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to GM that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to GM and therefore achieve its daily leveraged investment objective. The Fund’s exposure to GM is impacted by GM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to GM at the end of each day. The possibility of the Fund being materially over- or under-exposed to GM increases on days when GM is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) GM. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with GM. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the GM, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to GM. Any of these factors could decrease the correlation between the performance of the Fund and GM and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily leveraged investment objective on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> General Motors Company is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of GM and make no representation as to the performance of GM. Investing in the Fund is not equivalent to investing in GM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to GM.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of GM. Significant short-term price movements in GM could </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">adversely impact the performance of both GM and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of GM.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, GM, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and automobiles industry (the risks of which are described below), the same industry and/or sector to which GM is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact GM and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">consumer discretionary sector and automobiles industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Automotive Companies Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The automotive industry </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, autonomous vehicle technologies) may require </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain events that may negatively impact the automotive industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily LUV Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of LUV. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of LUV and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to LUV, consistent with the Fund’s investment objective. The financial instrument in which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Southwest Airlines Co. engages in the operation and management of a passenger airline. The company was founded in1967 and is headquartered in Dallas, TX. LUV is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Southwest Airlines Co. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-7259 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Southwest Airlines Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, LUV is assigned to the industrials sector and airline industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LUV that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain LUV exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of LUV. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to LUV is consistent with the Fund’s investment objective. The impact of LUV’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of LUV has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of LUV has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Southwest Airlines Co. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Southwest Airlines Co. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of LUV have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Southwest Airlines Co. could affect the value of the Fund’s investments with respect </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">to LUV and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LUV that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain LUV exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of LUV’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of LUV during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of LUV. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of LUV. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if LUV provided no return over a one year period during which LUV experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if LUV’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if LUV’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of LUV and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of LUV. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">LUV’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">41.70%. LUV’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">62.60% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. LUV’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">-8.03%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what LUV volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of LUV resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in LUV, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of LUV. This would result in a total loss of a shareholder’s investment in one day even if LUV subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if LUV does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with LUV and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If LUV has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if LUV reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to LUV that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to LUV and therefore achieve its daily leveraged investment objective. The Fund’s exposure to LUV is impacted by LUV’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to LUV at the end of each day. The possibility of the Fund being materially over- or under-exposed to LUV increases on days when LUV is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) LUV. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with LUV. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the LUV, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to LUV. Any of these factors could decrease the correlation between the performance of the Fund and LUV and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily leveraged investment objective on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Southwest Airlines Co. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of LUV and make no representation as to the performance of LUV. Investing in the Fund is not equivalent to investing in LUV. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to LUV.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of LUV. Significant short-term price movements in LUV could adversely impact the performance of both LUV and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of LUV.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, LUV, and therefore, a particular industry </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and will have more than 25% of its total assets in investments that provide leveraged exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which LUV is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact LUV and/or industrials sector and airlines </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily MRVL Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of MRVL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of MRVL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to MRVL, consistent with the Fund’s investment objective. The financial instrument in which the Fund most commonly invests is swap agreements </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Marvell Technology, Inc. engages in the design, development, and sale of integrated circuits. The company was founded in 1995 and is headquartered in Wilmington, DE. MRVL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Marvell Technology, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-40357 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Marvell Technology, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, MRVL is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the information technology sector and semiconductor </span><span style="font-family:Arial;font-size:8.645pt;">industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MRVL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain MRVL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of MRVL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to MRVL is consistent with the Fund’s investment objective. The impact of MRVL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of MRVL has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of MRVL has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Marvell Technology, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Marvell Technology, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MRVL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Marvell Technology, Inc. could affect the value of the Fund’s investments with respect to MRVL and therefore the value </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MRVL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain MRVL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of MRVL’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of MRVL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of MRVL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of MRVL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if MRVL provided no return over a one year period during which MRVL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if MRVL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if MRVL’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of MRVL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of MRVL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">MRVL’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">54.96%. MRVL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">63.08% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. MRVL’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">33.55%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what MRVL volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of MRVL resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in MRVL, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of MRVL. This would result in a total loss of a shareholder’s investment in one day even if MRVL subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if MRVL does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with MRVL and may increase the volatility of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If MRVL has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if MRVL reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to MRVL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to MRVL and therefore achieve its daily leveraged investment objective. The Fund’s exposure to MRVL is impacted by MRVL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to MRVL at the end of each day. The possibility of the Fund being materially over- or under-exposed to MRVL increases on days when MRVL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) MRVL. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with MRVL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the MRVL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to MRVL. Any of these factors could decrease the correlation between the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Fund and MRVL and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Marvell Technology, Inc. is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of MRVL and make no representation as to the performance of MRVL. Investing in the Fund is not equivalent to investing in MRVL. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to MRVL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of MRVL. Significant short-term price movements in MRVL could adversely impact the performance of both MRVL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of MRVL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, MRVL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the information technology sector and semiconductor industry (the risks of which are described below), the same industry and/or sector to which MRVL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact MRVL and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">information technology sector and semiconductor industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductor Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Semiconductor companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may face intense competition, both domestically and internationally, including from subsidized foreign competitors with lower production costs, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor companies typically face high capital costs and such companies may need additional financing, which may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily NKE Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of NKE. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of NKE and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to NKE, consistent with the Fund’s investment objective. The financial instrument in which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NIKE, Inc. engages in the design, development, marketing, and sale of athletic footwear, apparel, accessories, equipment, and services. The company was founded in 1964 and is headquartered in Beaverton, OR. NKE is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NIKE, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10635 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NIKE, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, NKE is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the consumer discretionary sector and textiles, apparel </span><span style="font-family:Arial;font-size:8.645pt;">&amp; luxury goods industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in NKE that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain NKE exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and textiles, apparel &amp; luxury </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">goods industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of NKE. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to NKE is consistent with the Fund’s investment objective. The impact of NKE’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of NKE has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of NKE has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding NIKE, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding NIKE, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of NKE have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning NIKE, Inc. could affect the value of the Fund’s investments with respect to NKE and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in NKE that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain NKE exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and textiles, apparel &amp; luxury </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">goods industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of NKE’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of NKE during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of NKE. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of NKE. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if NKE provided no return over a one year period during which NKE experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if NKE’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if NKE’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of NKE and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of NKE. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NKE’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">34.77%. NKE’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">42.38% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. NKE’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">-4.58%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what NKE volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of NKE resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in NKE, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of NKE. This would result in a total loss of a shareholder’s investment in one day even if NKE subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if NKE does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with NKE and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If NKE has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if NKE reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to NKE that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to NKE and therefore achieve its daily leveraged investment objective. The Fund’s exposure to NKE is impacted by NKE’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to NKE at the end of each day. The possibility of the Fund being materially over- or under-exposed to NKE increases on days when NKE is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) NKE. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with NKE. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the NKE, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to NKE. Any of these factors could decrease the correlation between the performance of the Fund and NKE and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily leveraged investment objective on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> NIKE, Inc. is not affiliated with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of NKE and make no representation as to the performance of NKE. Investing in the Fund is not equivalent to investing in NKE. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">respect to NKE.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of NKE. Significant short-term price movements in NKE could adversely impact the performance of both NKE and the Fund, increase the Fund’s bid-ask spread and adversely impact the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of NKE.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, NKE, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (the risks of which are described below), the same industry and/or sector to which NKE is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact NKE and/or consumer discretionary sector and textiles, apparel &amp; luxury </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">goods industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily ORCL Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of ORCL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of ORCL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to ORCL, consistent with the Fund’s investment objective. The financial instrument in which the Fund most commonly invests is swap agreements </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Oracle Corporation engages in the provision of products and services that address aspects of corporate information technology environments, including applications and infrastructure technologies. The company was founded in 1977 and is headquartered in Austin, TX. ORCL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Oracle Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-35992 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Oracle Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of July 31</span><span style="font-family:Arial;font-size:8.645pt;">, 2025, ORCL is assigned to the information technology </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sector and the software industry with exposure to companies </span><span style="font-family:Arial;font-size:8.645pt;">involved in artificial intelligence and big data. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ORCL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain ORCL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ORCL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ORCL is consistent with the Fund’s investment objective. The impact of ORCL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ORCL has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of ORCL has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Oracle Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Oracle Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ORCL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Oracle Corporation could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">ORCL and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ORCL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain ORCL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of ORCL’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ORCL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of ORCL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of ORCL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if ORCL provided no return over a one year period during which ORCL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if ORCL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if ORCL’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of ORCL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of ORCL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ORCL’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">32.80%. ORCL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">39.89% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. ORCL’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">27.67%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what ORCL volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of ORCL resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in ORCL, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of ORCL. This would result in a total loss of a shareholder’s investment in one day even if ORCL subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if ORCL does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with ORCL and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If ORCL has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if ORCL reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to ORCL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to ORCL and therefore achieve its daily leveraged investment objective. The Fund’s exposure to ORCL is impacted by ORCL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ORCL at the end of each day. The possibility of the Fund being materially over- or under-exposed to ORCL increases on days when ORCL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ORCL. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with ORCL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the ORCL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to ORCL. Any of these factors could decrease the correlation between the performance of the Fund and ORCL and may hinder the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s ability to meet its daily leveraged investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Oracle Corporation is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of ORCL and make no representation as to the performance of ORCL. Investing in the Fund is not equivalent to investing in ORCL. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to ORCL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of ORCL. Significant short-term price movements in ORCL could adversely impact the performance of both ORCL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of ORCL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, ORCL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which ORCL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact ORCL and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">information technology sector and the software industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies that develop and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">associated with technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Artificial Intelligence (AI) and Big Data Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on AI and big data companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily PDD Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of PDD. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of PDD and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to PDD, consistent with the Fund’s investment objective. The financial instrument in which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">PDD Holdings, Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company was founded in 2015 and is headquartered in Dublin, Ireland. PDD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by PDD Holdings Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38591 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding PDD Holdings Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, PDD is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the consumer discretionary sector and retail industry. PDD is a Chinese-based company and is traded as an American </span><span style="font-family:Arial;font-size:8.645pt;">Depositary Share ("ADR") in the United States. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PDD that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain PDD exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and retail industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">25% or more of its total assets in investments that provide leveraged exposure in the consumer discretionary sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and retail industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of PDD. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to PDD is consistent with the Fund’s investment objective. The impact of PDD’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of PDD has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of PDD has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding PDD Holdings Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding PDD Holdings Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PDD have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning PDD Holdings Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">PDD and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PDD that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain PDD exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and retail industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">25% or more of its total assets in investments that provide leveraged exposure in the consumer discretionary sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and retail industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of PDD’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of PDD during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of PDD. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of PDD. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if PDD provided no return over a one year period during which PDD experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if PDD’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if PDD’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of PDD and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of PDD. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">PDD’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">74.42%. PDD’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">74.60% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. PDD’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">24.47%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what PDD volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of PDD resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in PDD, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of PDD. This would result in a total loss of a shareholder’s investment in one day even if PDD subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if PDD does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with PDD and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If PDD has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if PDD reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to PDD that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to PDD and therefore achieve its daily leveraged investment objective. The Fund’s exposure to PDD is impacted by PDD’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to PDD at the end of each day. The possibility of the Fund being materially over- or under-exposed to PDD increases on days when PDD is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) PDD. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with PDD. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the PDD, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to PDD. Any of these factors could decrease the correlation between the performance of the Fund and PDD and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily leveraged investment objective on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> PDD Holdings Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of PDD and make no representation as to the performance of PDD. Investing in the Fund is not equivalent to investing in PDD. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to PDD.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of PDD. Significant short-term price movements in PDD could adversely impact the performance of both PDD and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of PDD.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, PDD, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and retail industry (the risks of which are described below), the same industry and/or sector to which PDD is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact PDD and/or consumer </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discretionary sector and retail industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Retail Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Retail and related industries can be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">significantly affected by the performance of the domestic and international economy, consumer confidence and spending, intense competition, changes in demographics, and changing consumer tastes and preferences. In addition, the retail industry is highly competitive and a company’s success can be tied to its ability to anticipate changing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Chinese Securities Risks </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Although the economy of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">People’s Republic of China (“China” or the “PRC”) has been in a state of transition from a government-planned socialist economy to a more market-oriented economy since the 1970s, the level of government involvement in China’s economy continues to distinguish it from other global markets as the majority of productive assets in China are owned (at different levels) by the PRC. Due to PRC government economic reforms during the last thirty years, China’s economy, as reflected in the value of Chinese issuers, has experienced significant growth. There can be no assurance, however, that the PRC government will continue to pursue such reforms. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. In addition, in recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">illiquid. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Laws and regulations in China are less well-developed and may not be enforced, and court decisions do not establish binding precedent. In addition, laws and regulations may change with little or no advance notice. Accordingly, there is little assurance about the effect of laws and regulations, including those regarding foreign investment in Chinese securities. The PRC government strictly regulates foreign currency transactions, effectively controlling the flow of capital into and out of China. The Chinese authorities can intervene in the operations and structure of Chinese </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Chinese economy is export-driven and highly reliant on trade. China’s maintenance of relationships with its primary trading partners, such as the U.S., Japan, South Korea and countries in the European Union, is critical to the Chinese economy. Worsening trade relations between the U.S. and China could adversely impact Chinese securities, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. Worsening trade relations may also result in market volatility and volatility in the price of Fund shares. Reduction in spending on Chinese products and services, supply chain diversification, additional tariffs or other trade barriers, an economic slowdown or recession in countries that import significant goods from China would likely adversely impact </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Chinese issuers. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Inflation has historically been an issue in China, and the taxation of investments in China remains unsettled. Chinese issuers and the Fund, as an investor in such issuers, could be subject to retroactive taxation. There also remains a risk that assets or investments in China will be nationalized or expropriated. China’s securities markets can be more volatile than other global markets and issuers in them are not typically required to provide the same amount or quality of information, including financial information, as U.S. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies. Investors who are harmed as a result of the lack of (quality) information about Chinese issuers will generally have little to no recourse due to the lack of remedies available in China, and the difficulty of pursuing and enforcing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">remedies. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">China has experienced security concerns, such as terrorism and strained international relations. Internal social unrest or confrontations with neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Additionally, China is alleged to have participated in cyberattacks against foreign countries and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on Chinese government or Chinese companies, may impact China’s economy and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">cause uncertainty in Chinese securities markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">American Depositary Receipt (“ADRs”) Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> ADRs are </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">an equity security issued by a U.S. bank or broker that represents one or more shares of a foreign-company stock held by the U.S. bank in the foreign company’s home stock market. ADRs may be listed on a major U.S. stock exchange or may be traded over the counter and are generally denominated in U.S. dollars. Because ADRs are issued by non-U.S. companies, they are subject to various foreign investment risks. These risks include the risk that the currency in the issuing company’s country will drop relative to the U.S. dollar, that politics or regime changes in the issuing company’s country will undermine exchange rates or destabilize the company and its earnings, or that inflation in the issuing company’s country will erode the value of the foreign currency. Additionally, investors may not have access to the same amount of information about the company </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">that is available about domestic companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily RDDT Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of RDDT. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of RDDT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to RDDT, consistent with the Fund’s investment objective. The financial instrument in which the Fund most commonly invests is swap agreements </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Reddit, Inc. operates an entertainment, social networking, and news website where registered community members can submit content. The company was founded in 2005 and is headquartered in San Francisco, CA. RDDT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Reddit, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41983 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Reddit, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, RDDT is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the communication services sector and interactive media </span><span style="font-family:Arial;font-size:8.645pt;">&amp; services industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RDDT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RDDT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the communication services sector and interactive media &amp; services industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide leveraged exposure in the communication services sector and interactive media &amp; services </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of RDDT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to RDDT is consistent with the Fund’s investment objective. The impact of RDDT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of RDDT has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of RDDT has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Reddit, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Reddit, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RDDT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Reddit, Inc. could affect the value of the Fund’s investments with respect to RDDT and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RDDT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RDDT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the communication services sector and interactive media &amp; services industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide leveraged exposure in the communication services sector and interactive media &amp; services </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of RDDT’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of RDDT during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of RDDT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of RDDT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if RDDT provided no return over a one year period during which RDDT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if RDDT’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if RDDT’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of RDDT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of RDDT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">RDDT’s annualized historical volatility rate for the </span><span style="font-family:Arial;font-size:8.645pt;">period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">March 20, 2024 (the offering</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">date</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">of RDDT)</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">to December 31,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">2021</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">was 106.08%. RDDT’s annualized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance for the </span><span style="font-family:Arial;font-size:8.645pt;">period from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">March 20, 2024 (the offering </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">date of RDDT</span><span style="font-family:Arial;font-size:8.645pt;">) to December 31, 2021 was 641.70%. Historical </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility and performance are not indications of what </span><span style="font-family:Arial;font-size:8.645pt;">the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility and performance </span><span style="font-family:Arial;font-size:8.645pt;">of RDDT will be in the future. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The volatility of instruments that reflect the value of RDDT, </span><span style="font-family:Arial;font-size:8.645pt;">such as swaps, may differ from the volatility of RDDT.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of RDDT resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in RDDT, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of RDDT. This would result in a total loss of a shareholder’s investment in one day even if RDDT subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if RDDT does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with RDDT and may increase the volatility of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If RDDT has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if RDDT reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to RDDT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to RDDT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to RDDT is impacted by RDDT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to RDDT at the end of each day. The possibility of the Fund being materially over- or under-exposed to RDDT increases on days when RDDT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) RDDT. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with RDDT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the RDDT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to RDDT. Any of these factors could decrease the correlation between the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Fund and RDDT and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Reddit, Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of RDDT and make no representation as to the performance of RDDT. Investing in the Fund is not equivalent to investing in RDDT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to RDDT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of RDDT. Significant short-term price movements in RDDT could adversely impact the performance of both RDDT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of RDDT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, RDDT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the communication services sector and interactive media &amp; services industry (the risks of which are described below), the same industry and/or sector to which RDDT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact RDDT and/or communication services sector and interactive media </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">&amp; services industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information, or disruptions in services, which would have </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a material adverse effect on their businesses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily RKLB Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of RKLB. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of RKLB and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to RKLB, consistent with the Fund’s investment objective. The financial instrument in which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Rocket Lab USA, Inc. is an aerospace company, which engages in the development of rocket launch and control systems for the space and defense industries. The company was founded in 2006 and is headquartered in Long Beach, CA. RKLB is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Rocket Lab USA, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39560 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Rocket Lab USA, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, RKLB is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the industrials sector and aerospace &amp; defense industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RKLB that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RKLB exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and aerospace &amp; defense industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide leveraged exposure in the industrials sector and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">aerospace &amp; defense industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of RKLB. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to RKLB is consistent with the Fund’s investment objective. The impact of RKLB’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of RKLB has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of RKLB has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Rocket Lab USA, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Rocket Lab USA, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RKLB have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Rocket Lab USA, Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">RKLB and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RKLB that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RKLB exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and aerospace &amp; defense industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide leveraged exposure in the industrials sector and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">aerospace &amp; defense industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of RKLB’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of RKLB during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of RKLB. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of RKLB. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if RKLB provided no return over a one year period during which RKLB experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if RKLB’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if RKLB’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of RKLB and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of RKLB. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">RKLB’s annualized historical volatility rate for the </span><span style="font-family:Arial;font-size:8.645pt;">period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">September 24, 2020</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">date</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">of RKLB)</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">to December 31,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">2021</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">was 72.30%. RKLB’s annualized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance for the </span><span style="font-family:Arial;font-size:8.645pt;">period from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">September 24, 2020</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">offering date of RKLB) to </span><span style="font-family:Arial;font-size:8.645pt;">December 31, 2021 was 24.47%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of what </span><span style="font-family:Arial;font-size:8.645pt;">the volatility and performance of RKLB will be in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">future.</span><span style="font-family:Arial;font-size:8.645pt;"> The volatility of instruments that reflect the value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of RKLB, such as swaps, may differ from the volatility of </span><span style="font-family:Arial;font-size:8.645pt;">RKLB.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of RKLB resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in RKLB, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of RKLB. This would result in a total loss of a shareholder’s investment in one day even if RKLB subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if RKLB does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with RKLB and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If RKLB has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if RKLB reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to RKLB that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to RKLB and therefore achieve its daily leveraged investment objective. The Fund’s exposure to RKLB is impacted by RKLB’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to RKLB at the end of each day. The possibility of the Fund being materially over- or under-exposed to RKLB increases on days when RKLB is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) RKLB. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with RKLB. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the RKLB, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to RKLB. Any of these factors could decrease the correlation between the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Fund and RKLB and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Rocket Lab USA, Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of RKLB and make no representation as to the performance of RKLB. Investing in the Fund is not equivalent to investing in RKLB. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to RKLB.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of RKLB. Significant short-term price movements in RKLB could adversely impact the performance of both RKLB and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of RKLB.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, RKLB, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the industrials sector and aerospace &amp; defense industry (the risks of which are described below), the same industry and/or sector to which RKLB is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact RKLB and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industrials sector and aerospace &amp; defense industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Aerospace and Defense Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The aerospace </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and defense industry can be significantly affected by government regulation and spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services. The financial condition of companies in this industry is heavily influenced by government defense spending, which may be reduced in efforts to control government budgets. The aerospace industry in particular has recently been affected by adverse economic conditions and consolidation within </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily SBUX Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of SBUX. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of SBUX and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to SBUX, consistent with the Fund’s investment objective. The financial instrument in which the Fund most commonly invests is swap agreements </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Starbucks Corporation engages in the production, marketing, and retailing of specialty coffee. The company was founded in 1985, and is headquartered in Seattle, WA. SBUX is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Starbucks Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-20322 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Starbucks Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, SBUX is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SBUX that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain SBUX exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SBUX. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SBUX is consistent with the Fund’s investment objective. The impact of SBUX’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SBUX has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SBUX has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Starbucks Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Starbucks Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SBUX have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Starbucks Corporation could affect the value of the Fund’s investments with respect </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">to SBUX and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SBUX that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain SBUX exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of SBUX’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SBUX during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of SBUX. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of SBUX. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if SBUX provided no return over a one year period during which SBUX experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SBUX’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if SBUX’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of SBUX and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of SBUX. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">SBUX’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">33.97%. SBUX’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">45.59% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. SBUX’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">2.91%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what SBUX volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of SBUX resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in SBUX, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of SBUX. This would result in a total loss of a shareholder’s investment in one day even if SBUX subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if SBUX does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with SBUX and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If SBUX has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if SBUX reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to SBUX that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to SBUX and therefore achieve its daily leveraged investment objective. The Fund’s exposure to SBUX is impacted by SBUX’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SBUX at the end of each day. The possibility of the Fund being materially over- or under-exposed to SBUX increases on days when SBUX is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SBUX. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with SBUX. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the SBUX, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to SBUX. Any of these factors could decrease the correlation between the performance of the Fund and SBUX and may hinder the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s ability to meet its daily leveraged investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Starbucks Corporation is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of SBUX and make no representation as to the performance of SBUX. Investing in the Fund is not equivalent to investing in SBUX. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to SBUX.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of SBUX. Significant short-term price movements in SBUX could adversely impact the performance of both SBUX and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of SBUX.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, SBUX, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which SBUX is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact SBUX and/or consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily SONY Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of SONY. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of SONY and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to SONY, consistent with the Fund’s investment objective. The financial instrument in which the Fund most commonly invests is swap agreements </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Sony Group Corporation engages in the development, design, manufacture, and sale of electronic equipment, instruments, devices, game consoles, and software for consumers, professionals and industrial markets. The company was founded in 1946 and is headquartered in Tokyo, Japan. SONY is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Sony Group Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06439 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Sony Group Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, SONY is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the consumer discretionary sector and household durables industry. SONY is a Japanese-based company and is traded as an American Depositary Share ("ADR") in the United States. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SONY that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain SONY exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and household durables industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide leveraged exposure in the consumer </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discretionary sector and household durables industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SONY. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SONY is consistent with the Fund’s investment objective. The impact of SONY’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SONY has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SONY has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Sony Group Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Sony Group Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SONY have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Sony Group Corporation could affect the value of the Fund’s investments with respect to SONY and therefore the value </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SONY that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain SONY exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and household durables industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide leveraged exposure in the consumer </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discretionary sector and household durables industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of SONY’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SONY during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of SONY. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of SONY. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if SONY provided no return over a one year period during which SONY experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SONY’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if SONY’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of SONY and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of SONY. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">SONY’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">29.76%. SONY’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">33.79% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. SONY’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">9.92%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what SONY volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of SONY resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in SONY, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of SONY. This would result in a total loss of a shareholder’s investment in one day even if SONY subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if SONY does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with SONY and may increase the volatility of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If SONY has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if SONY reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to SONY that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to SONY and therefore achieve its daily leveraged investment objective. The Fund’s exposure to SONY is impacted by SONY’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SONY at the end of each day. The possibility of the Fund being materially over- or under-exposed to SONY increases on days when SONY is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SONY. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with SONY. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the SONY, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to SONY. Any of these factors could decrease the correlation between the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Fund and SONY and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Sony Group Corporation is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of SONY and make no representation as to the performance of SONY. Investing in the Fund is not equivalent to investing in SONY. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to SONY.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of SONY. Significant short-term price movements in SONY could </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">adversely impact the performance of both SONY and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of SONY.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, SONY, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and household durables industry (the risks of which are described below), the same industry and/or sector to which SONY is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact SONY and/or consumer discretionary sector and household durables </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Japanese Economy Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - The growth of Japan’s economy </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">has lagged that of its Asian neighbors and other major developed countries. Since 2000, Japan’s economic growth rate has remained relatively low, and it may remain low in the future. The Japanese economy is characterized by government intervention and protectionism, an unstable financial services sector, changes in its labor market, and is heavily dependent on international trade and has been adversely affected by trade tariffs and competition from emerging economies. As such, economic growth is heavily dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. Any changes or trends in these economic factors could have a significant impact on Japan’s economy overall and may negatively affect the Fund’s investment. Japan’s economy is also closely tied to its two largest trading partners, the U.S. and China. Economic volatility in either nation may create volatility in Japan’s economy as well. Additionally, Japan’s relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and national </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">security concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">American Depositary Receipt (“ADRs”) Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> ADRs are </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">an equity security issued by a U.S. bank or broker that represents one or more shares of a foreign-company stock held by the U.S. bank in the foreign company’s home stock market. ADRs may be listed on a major U.S. stock exchange or may be traded over the counter and are generally denominated in U.S. dollars. Because ADRs are issued by non-U.S. companies, they are subject to various foreign investment risks. These risks include the risk that the currency in the issuing company’s country will drop relative to the U.S. dollar, that politics or regime changes in the issuing company’s country will undermine exchange rates or destabilize the company and its earnings, or that inflation in the issuing company’s country will erode the value of the foreign currency. Additionally, investors may not have access to the same amount of information about the company </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">that is available about domestic companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily TGT Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of TGT. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of TGT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to TGT, consistent with the Fund’s investment objective. The financial instrument in which the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Target Corporation engages in the operation and ownership of general merchandise stores. It offers food and general merchandise, clothing and household goods, electronics, and toys. The company was founded in 1902 and is headquartered in Minneapolis, MN. TGT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Target Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-6049 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Target Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of July 31</span><span style="font-family:Arial;font-size:8.645pt;">, 2025, TGT is assigned to the consumer staples sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TGT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TGT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the consumer staples sector).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TGT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TGT is consistent with the Fund’s investment objective. The impact of TGT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TGT has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of TGT has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Target Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Target Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TGT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Target Corporation could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">TGT and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TGT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TGT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the consumer staples sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">over the period, which is likely to differ from 200% of TGT’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TGT during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of TGT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of TGT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if TGT provided no return over a one year period during which TGT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if TGT’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if TGT’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of TGT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of TGT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TGT’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">35.86%. TGT’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">48.35% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. TGT’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">3.44%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what TGT volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of TGT resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in TGT, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of TGT. This would result in a total loss of a shareholder’s investment in one day even if TGT subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if TGT does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with TGT and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If TGT has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if TGT reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to TGT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to TGT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to TGT is impacted by TGT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TGT at the end of each day. The possibility of the Fund being materially over- or under-exposed to TGT increases on days when TGT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TGT. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with TGT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the TGT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to TGT. Any of these factors could decrease the correlation between the performance of the Fund and TGT and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily leveraged investment objective on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Target Corporation is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of TGT and make no representation as to the performance of TGT. Investing in the Fund is not equivalent to investing in TGT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to TGT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of TGT. Significant short-term price movements in TGT could adversely impact the performance of both TGT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of TGT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, TGT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer staples sector (the risks of which are described below), the same industry and/or sector to which TGT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact TGT and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">consumer staples sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily TXN Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of TXN. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of TXN and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to TXN, consistent with the Fund’s investment objective. The financial instrument in which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Texas Instruments Incorporated engages in the design and manufacture of semiconductors. The company was founded in 1930 and is headquartered in Dallas, TX. TXN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Texas Instrument Incorporated pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-03761 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Texas Instrument Incorporated may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, TXN is assigned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the information technology sector and semiconductor </span><span style="font-family:Arial;font-size:8.645pt;">industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TXN that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TXN exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TXN. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TXN is consistent with the Fund’s investment objective. The impact of TXN’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TXN has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of TXN has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Texas Instruments Incorporated from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Texas Instruments Incorporated is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TXN have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Texas Instruments Incorporated could affect the value of the Fund’s investments with respect to TXN and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TXN that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TXN exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of TXN’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TXN during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of TXN. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of TXN. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if TXN provided no return over a one year period during which TXN experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if TXN’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if TXN’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of TXN and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of TXN. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TXN’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">31.35%. TXN’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">43.11% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. TXN’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">10.91%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what TXN volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of TXN resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in TXN, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of TXN. This would result in a total loss of a shareholder’s investment in one day even if TXN subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if TXN does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with TXN and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If TXN has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if TXN reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to TXN that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to TXN and therefore achieve its daily leveraged investment objective. The Fund’s exposure to TXN is impacted by TXN’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TXN at the end of each day. The possibility of the Fund being materially over- or under-exposed to TXN increases on days when TXN is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TXN. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with TXN. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the TXN, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to TXN. Any of these factors could decrease the correlation between the performance of the Fund and TXN and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily leveraged investment objective on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Texas Instruments Incorporated is </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of TXN and make no representation as to the performance of TXN. Investing in the Fund is not equivalent to investing in TXN. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to TXN.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of TXN. Significant short-term price movements in TXN could adversely impact the performance of both TXN and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of TXN.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, TXN, and therefore, a particular industry </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and will have more than 25% of its total assets in investments that provide leveraged exposure to the information technology sector and semiconductor industry (the risks of which are described below), the same industry and/or sector to which TXN is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact TXN and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">information technology sector and semiconductor industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductor Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Semiconductor companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may face intense competition, both domestically and internationally, including from subsidized foreign competitors with lower production costs, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor companies typically face high capital costs and such companies may need additional financing, which may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily UAL Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of UAL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of UAL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to UAL, consistent with the Fund’s investment objective. The financial instrument in which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">United Airlines Holdings, Inc. is a holding company, which engages in the provision of transportation services. It operates through the following geographical segments: Domestic, Atlantic, Pacific, and Latin America. The company was founded in 1968 and is headquartered in Chicago, IL. UAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by United Airlines Holdings, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06033 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding United Airlines Holdings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, UAL is assigned to the industrials sector and airline industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain UAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UAL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UAL is consistent with the Fund’s investment objective. The impact of UAL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UAL has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of UAL has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding United Airlines Holdings, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding United Airlines Holdings, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UAL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning United Airlines Holdings, Inc. could affect the value of the Fund’s investments with respect to UAL and therefore the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain UAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of UAL’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of UAL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of UAL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of UAL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if UAL provided no return over a one year period during which UAL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if UAL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if UAL’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of UAL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of UAL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UAL’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">61.69%. UAL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">104.53% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. UAL’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">1.96%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what UAL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of UAL resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in UAL, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of UAL. This would result in a total loss of a shareholder’s investment in one day even if UAL subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if UAL does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with UAL and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If UAL has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if UAL reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to UAL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to UAL and therefore achieve its daily leveraged investment objective. The Fund’s exposure to UAL is impacted by UAL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UAL at the end of each day. The possibility of the Fund being materially over- or under-exposed to UAL increases on days when UAL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UAL. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with UAL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the UAL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to UAL. Any of these factors could decrease the correlation between the performance of the Fund and UAL and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily leveraged investment objective on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> United Airlines Holdings, Inc. is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of UAL and make no representation as to the performance of UAL. Investing in the Fund is not equivalent to investing in UAL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to UAL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of UAL. Significant short-term price movements in UAL could adversely impact the performance of both UAL and the Fund, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of UAL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, UAL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which UAL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact UAL and/or industrials sector and airlines </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily UNH Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of UNH. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of UNH and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to UNH, consistent with the Fund’s investment objective. The financial instrument in which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements which are intended to produce economically leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UnitedHealth Group Incorporated engages in the provision of health care coverage, software, and data consultancy services. The company was founded in 1977 and is headquartered in Eden Prairie, MN. UNH is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by UnitedHealth Group Incorporated pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10864 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding UnitedHealth Group Incorporated may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, UNH is assigned to the healthcare sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UNH that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain UNH exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the healthcare sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">healthcare sector).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UNH. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UNH is consistent with the Fund’s investment objective. The impact of UNH’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UNH has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of UNH has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding UnitedHealth Group Incorporated from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding UnitedHealth Group Incorporated is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UNH have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning UnitedHealth Group Incorporated could affect the value of the Fund’s investments with respect to UNH and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UNH that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain UNH exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the healthcare sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">healthcare sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of UNH’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of UNH during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of UNH. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of UNH. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if UNH provided no return over a one year period during which UNH experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if UNH’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if UNH’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of UNH and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of UNH. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UNH’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">29.87%. UNH’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">48.25% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. UNH’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">13.10%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what UNH volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of UNH resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in UNH, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of UNH. This would result in a total loss of a shareholder’s investment in one day even if UNH subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if UNH does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with UNH and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If UNH has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if UNH reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to UNH that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to UNH and therefore achieve its daily leveraged investment objective. The Fund’s exposure to UNH is impacted by UNH’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UNH at the end of each day. The possibility of the Fund being materially over- or under-exposed to UNH increases on days when UNH is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UNH. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with UNH. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the UNH, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to UNH. Any of these factors could decrease the correlation between the performance of the Fund and UNH and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily leveraged investment objective on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> UnitedHealth Group Incorporated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of UNH and make no representation as to the performance of UNH. Investing in the Fund is not equivalent to investing in UNH. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to UNH.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of UNH. Significant short-term price movements in UNH could adversely impact the performance of both UNH and the Fund, increase the Fund’s bid-ask spread and adversely impact </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of UNH.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, UNH, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the healthcare sector (the risks of which are described below), the same industry and/or sector to which UNH is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact UNH </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and/or healthcare sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Healthcare Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The profitability of companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the healthcare sector may be affected by extensive, costly and uncertain government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), changes in the demand for medical products and services, an increased emphasis on outpatient services, limited product lines, industry innovation and/or consolidation, changes in technologies and other market developments. Many healthcare companies are heavily dependent on obtaining and defending patents, which may be time consuming and costly. The expiration of patents may adversely affect the profitability of these companies. Many healthcare companies are subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will come to market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily WMT Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of WMT. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of WMT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to WMT, consistent with the Fund’s investment objective. The financial instrument in which the Fund most commonly invests is swap agreements </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Walmart Inc. engages in the retail and wholesale business. The company was founded in 1962 and is headquartered in Bentonville, AR. WMT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Walmart Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06991 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Walmart Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">July 31, 2025, WMT is assigned to the consumer staples sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in WMT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain WMT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the consumer staples sector).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of WMT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to WMT is consistent with the Fund’s investment objective. The impact of WMT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of WMT has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of WMT has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Walmart Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Walmart Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of WMT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Walmart Inc. could affect the value of the Fund’s investments with respect to WMT </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in WMT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain WMT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the consumer staples sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of WMT’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of WMT during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of WMT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of WMT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if WMT provided no return over a one year period during which WMT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if WMT’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if WMT’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of WMT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of WMT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">WMT’s annualized historical volatility rate for the five year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">22.59%. WMT’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">31.21% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. WMT’s annualized performance for the five-year period ended December 31, 2024 was </span><span style="font-family:Arial;font-size:8.645pt;">19.69%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what WMT volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of WMT resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in WMT, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of WMT. This would result in a total loss of a shareholder’s investment in one day even if WMT subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if WMT does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with WMT and may increase the volatility of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective, reduce its leverage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If WMT has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if WMT reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to WMT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the </span><span style="font-family:Arial;font-size:8.645pt;">Nasdaq or other national securities listing exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to WMT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to WMT is impacted by WMT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to WMT at the end of each day. The possibility of the Fund being materially over- or under-exposed to WMT increases on days when WMT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) WMT. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with WMT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the WMT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to WMT. Any of these factors could decrease the correlation between the performance of the Fund and WMT and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Walmart Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of WMT and make no representation as to the performance of WMT. Investing in the Fund is not equivalent to investing in WMT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to WMT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of WMT. Significant short-term price movements in WMT could adversely impact the performance of both WMT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of WMT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, WMT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer staples sector (the risks of which are described below), the same industry and/or sector to which WMT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that adversely impact WMT </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and/or consumer staples sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">it may incur substantial losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily S&amp;P Top 20 US Stocks Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of TOPT. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(opposite) or short exposure to TOPT, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TOPT </span><span style="font-family:Arial;font-size:8.645pt;">seeks to track the investment results of the S&amp;P 500 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Top 20 Select Index (the “S&amp;P Index”), which measures the performance of the 20 largest U.S. companies by float-adjusted market capitalization within the S&amp;P 500</span><span style="font-family:Arial;font-size:6pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:8.645pt;"> as </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determined by S&amp;P Dow Jones Indices LLC. The securities in the S&amp;P Index are weighted based on the float-adjusted market value of their outstanding shares subject to capping. For capping purposes, the S&amp;P Index will be rebalanced on a quarterly basis. At each quarterly rebalance in March, June, September, and December, the weight of any single issuer will not exceed 22.5% of the S&amp;P Index; and the aggregate weight of issuers with individual weights exceeding 4.5% will not exceed 48% of the S&amp;P Index. Between rebalances, constituent weights may exceed these constraints due to fluctuations in market value, corporate actions, or other events that change the index composition. TOPT </span><span style="font-family:Arial;font-size:8.645pt;">is registered </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by iShares Trust pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-92935 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding TOPT may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly </span><span style="font-family:Arial;font-size:8.645pt;">disseminated documents. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TOPT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TOPT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TOPT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TOPT is consistent with the Fund’s investment objective. The impact of TOPT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TOPT has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of TOPT has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(investment grade) credit profiles, including U.S. government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding iShares Top 20 U.S. Stocks ETF from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding iShares Top 20 U.S. Stocks ETF is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TOPT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning iShares Top 20 U.S. Stocks ETF could affect the value of the Fund’s investments with respect to TOPT and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TOPT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TOPT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of TOPT rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when TOPT’s daily return decreases. The Fund’s assets will decrease in value when TOPT’s daily return increases. Because historically most assets have risen in value over the long </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of TOPT approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to TOPT or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to TOPT, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of TOPT’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TOPT during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of TOPT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of the performance of TOPT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if TOPT provided no return over a one year period during which TOPT experienced annualized volatility </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if TOPT’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if TOPT’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of TOPT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of TOPT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;">The underlying ETF’s annualized historical volatility rate for </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the </span><span style="font-family:Arial;font-size:8.645pt;">period from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">October 23, 2024</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the inception date of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TOPT) to </span><span style="font-family:Arial;font-size:8.645pt;">December 31, 2024 was 16.81%. The underlying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ETF</span><span style="font-family:Arial;font-size:8.645pt;">’s annualized performance for the period from October</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">23,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">2024</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the inception date of TOPT) to December 31, 2024 was 16.86%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what </span><span style="font-family:Arial;font-size:8.645pt;">the underlying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ETF</span><span style="font-family:Arial;font-size:8.645pt;"> volatility and performance will be in the future. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility of ETFs or instruments that reflect the value of the underlying ETF, such as swaps, may differ from the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the underlying ETF.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If TOPT has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if TOPT reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Underlying ETF Investment</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The Fund </span><span style="font-family:Arial;font-size:8.645pt;">will invest in, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective </span><span style="font-family:Arial;font-size:8.645pt;">or an ETF’s shares trade at a significant premium or discount, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. </span><span style="font-family:Arial;font-size:8.645pt;">Shares of ETFs may trade at a discount or a premium to an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the </span><span style="font-family:Arial;font-size:8.645pt;">ETF especially </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend </span><span style="font-family:Arial;font-size:8.645pt;">sales of its shares </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The value of an individual security, such as TOPT, may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">following are additional risk factors that may impact the </span><span style="font-family:Arial;font-size:8.645pt;">performance of TOPT: </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Large Cap Company Risk</span><span style="font-family:Arial;font-size:8.645pt;">. Because TOPT invests principally </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in large cap company securities, it may underperform other funds during periods when the large cap securities are out </span><span style="font-family:Arial;font-size:8.645pt;">of favor. </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Industry and Sector Focus Risk</span><span style="font-family:Arial;font-size:8.645pt;">. At times, TOPT may increase </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect the industry or sector more than securities of issues in other industries and sectors. To the extent that TOPT increases the relative emphasis of its investments in a particular industry or sector, the value of TOPT’s shares may fluctuate in response </span><span style="font-family:Arial;font-size:8.645pt;">to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to TOPT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to TOPT and therefore achieve its daily inverse investment objective. The Fund’s exposure to TOPT is impacted by TOPT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TOPT at the end of each day. The possibility of the Fund being materially over- or under-exposed to TOPT increases on days when TOPT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TOPT. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with TOPT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the TOPT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to TOPT. Any of these factors could decrease the inverse correlation between the performance of the Fund and TOPT and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> iShares Top 20 U.S. Stocks ETF is </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of TOPT and make no representation as to the performance of TOPT. Investing in the Fund is not equivalent to investing in TOPT. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to TOPT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, TOPT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector (the risks of which are described below), the same </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industry and/or sector to which TOPT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact TOPT </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and/or information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Qs Top 30 Stocks Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of QTOP. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to QTOP, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">QTOP </span><span style="font-family:Arial;font-size:8.645pt;">seeks to track the investment results of the Nasdaq-100 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Top 30 Index (the “Nasdaq Index”), which measures the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of securities of the 30 largest domestic and international non-financial companies listed on Nasdaq (on the Nasdaq Global Select Market or the Nasdaq Global Market) based on market capitalization, as determined by Nasdaq, Inc.</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Nasdaq Index is a subset of the Nasdaq-100 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Index. The securities in the Nasdaq Index are weighted based on the market value of their outstanding shares subject to capping. The Nasdaq Index is reconstituted and rebalanced quarterly in March, June, September, and December. For capping purposes, at each quarterly rebalance, the weight of any single issuer will not exceed 22.5% of the Nasdaq Index; and the aggregate weight of issuers with individual weights exceeding 4.5% will not exceed 48% of the Nasdaq Index. Between rebalances, constituent weights may exceed these constraints due to fluctuations in market value, corporate actions, or other events that change the index composition. QTOP is </span><span style="font-family:Arial;font-size:8.645pt;">registered under the Securities Exchange </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by iShares Trust pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-92935 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding QTOP may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated </span><span style="font-family:Arial;font-size:8.645pt;">documents. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in QTOP that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short QTOP exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of QTOP. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to QTOP is consistent with the Fund’s investment objective. The impact of QTOP’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of QTOP has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of QTOP has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">profiles, including U.S. government securities and repurchase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding iShares Nasdaq Top 30 ETF from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding iShares Nasdaq Top 30 ETF is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of QTOP have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning iShares Nasdaq Top 30 ETF could affect the value of the Fund’s investments with respect to QTOP and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in QTOP that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short QTOP exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of QTOP rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when QTOP’s daily return decreases. The Fund’s assets will decrease in value when QTOP’s daily return increases. Because historically most assets have risen in value over the long </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of QTOP approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to QTOP or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to QTOP, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of QTOP’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of QTOP during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of QTOP. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of the performance of QTOP. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if QTOP provided no return over a one year period during which QTOP experienced annualized volatility </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if QTOP’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if QTOP’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of QTOP and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of QTOP. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;">The underlying ETF’s annualized historical volatility rate for </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the </span><span style="font-family:Arial;font-size:8.645pt;">period from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">October 23, 2024</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the inception date of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">QTOP) to </span><span style="font-family:Arial;font-size:8.645pt;">December 31, 2024 was 19.38%. The underlying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ETF</span><span style="font-family:Arial;font-size:8.645pt;">’s annualized performance for the period from October</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">23,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">2024</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the inception date of QTOP) to December 31, 2024 was 19.44%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what </span><span style="font-family:Arial;font-size:8.645pt;">the underlying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ETF</span><span style="font-family:Arial;font-size:8.645pt;"> volatility and performance will be in the future. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility of ETFs or instruments that reflect the value of the underlying ETF, such as swaps, may differ from the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the underlying ETF.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If QTOP has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if QTOP reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Underlying ETF Investment</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The Fund </span><span style="font-family:Arial;font-size:8.645pt;">will invest in, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective </span><span style="font-family:Arial;font-size:8.645pt;">or an ETF’s shares trade at a significant premium or discount, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. </span><span style="font-family:Arial;font-size:8.645pt;">Shares of ETFs may trade at a discount or a premium to an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the </span><span style="font-family:Arial;font-size:8.645pt;">ETF especially </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend </span><span style="font-family:Arial;font-size:8.645pt;">sales of its shares </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The value of an individual security, such as QTOP, may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">following are additional risk factors that may impact the </span><span style="font-family:Arial;font-size:8.645pt;">performance of QTOP: </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Large Cap Company Risk</span><span style="font-family:Arial;font-size:8.645pt;">. Because QTOP invests principally </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in large cap company securities, it may underperform other funds during periods when the large cap securities are out </span><span style="font-family:Arial;font-size:8.645pt;">of favor. </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Industry and Sector Focus Risk</span><span style="font-family:Arial;font-size:8.645pt;">. At times, QTOP may increase </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect the industry or sector more than securities of issues in other industries and sectors. To the extent that QTOP increases the relative emphasis of its investments in a particular industry or sector, the value of QTOP’s shares may fluctuate in response </span><span style="font-family:Arial;font-size:8.645pt;">to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to QTOP that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to QTOP and therefore achieve its daily inverse investment objective. The Fund’s exposure to QTOP is impacted by QTOP’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to QTOP at the end of each day. The possibility of the Fund being materially over- or under-exposed to QTOP increases on days when QTOP is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) QTOP. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired inverse correlation with QTOP. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the QTOP, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to QTOP. Any of these factors could decrease the inverse correlation between the performance of the Fund and QTOP and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> iShares Nasdaq Top 30 ETF is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of QTOP and make no representation as to the performance of QTOP. Investing in the Fund is not equivalent to investing in QTOP. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to QTOP.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, QTOP, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector (the risks of which are described below), the same industry and/or sector to which QTOP is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to increase from any market movements that adversely impact QTOP </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and/or information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily </span><span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;">Gold Miners Top 5 Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 1X daily inverse (opposite) or short exposure to the Index or to exchange-traded </span><span style="font-family:Arial;font-size:8.645pt;">funds ("ETFs") that track the Index, consistent with the Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure to a particular industry or group of industries) to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">approximately the same extent as the Index is so concentrated.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may also gain inverse exposure by investing in a combination of financial instruments, such as swap agreements or futures agreements that provide short exposure to the Index, to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, or short an ETF that tracks the same Index or a substantially similar index. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse exposure to the Index or its components. When the Fund shorts securities, including the securities of another investment company, it borrows shares of that security or investment company, which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment grade or higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times consistent with its stated inverse investment objective, but may not always have inverse exposure to all of the securities in the Index, or its weighting of inverse exposure to securities or industries may be different from that of the Index. In addition, the Fund may have inverse exposure to securities, ETFs or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financial instruments not included in the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s inverse investment objective. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced and that a shareholder should lose money, a result that is the opposite of traditional index tracking ETFs. This re-positioning strategy may result in high portfolio turnover. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on the next trading day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of the Index rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traditional index fund. The Fund’s assets will increase in value when the Index’s daily return decreases. The Fund’s assets will decrease in value when the Index’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of the Index approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to the Index or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to the Index, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">from a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">-100% of the performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">where the Fund can be expected to return less than -100% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Index. The table below is not a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below. The volatility of exchange traded securities or instruments that reflect the value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Index may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index</span><span style="font-family:Arial;font-size:8.645pt;"> had only recently commenced operations as of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the date of this Prospectus</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">and therefore historical Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility and performance are not yet available</span><span style="font-family:Arial;font-size:8.645pt;">. In the future, historical</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Index</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">volatility</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be presented </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in this section</span><span style="font-family:Arial;font-size:8.645pt;">. Historical Index volatility and performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or instruments that reflect the value of the Index</span><span style="font-family:Arial;font-size:8.645pt;"> such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its inverse investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index and therefore achieve its daily inverse investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of the trading day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily inverse investment objective. Early and unanticipated closings of the markets on which the holdings of the Fund trade may result in the Fund’s inability to execute intended portfolio transactions which will impact the Fund’s ability to meet its daily investment objectives and its inverse correlation to the Index. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively impact the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s inverse correlation to the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain inverse exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily inverse investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide inverse exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to increase from any market movements that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Gold and Silver Mining Company Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Because the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is concentrated in the gold mining industry and may have significant exposure to assets in the silver mining industry, the Fund will be sensitive to changes in the overall condition of gold- and silver-related companies. Competitive pressures may have a significant effect on the financial condition of gold- and silver-related companies. Also gold- and silver-related companies are highly dependent on the price of gold and silver bullion, respectively, and may be adversely affected by a variety of worldwide economic, financial and political factors. These prices may fluctuate substantially over short periods of time, which may cause the value of the gold- and silver-related companies to be more volatile than the general market. Fluctuations in the price of gold or silver may be due to a number of factors, including changes in inflation, currency exchange rates and industrial and commercial demand (including fabricator demand). Increased environmental or labor costs may depress the value of metal investments. If a natural disaster or other event with a significant economic impact occurs in a region in which the companies included in the Index operate, such disaster or event could negatively impact the profitability of such </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies and, in turn, impact the Fund’s return. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In particular, a drop in the price of gold and/or silver bullion would particularly adversely affect the profitability of small and mid-capitalization mining companies and their ability to secure financing. Companies that are only in the exploration state are typically unable to adopt specific strategies of controlling the impact of the price of gold or silver on their companies. The exploration and development of mineral deposits involve significant financial risks over a significant period of time, which even a combination of careful evaluation, experience and knowledge may not eliminate. Few properties that are explored are ultimately developed into producing mines. Major expenditures may be required to establish reserves by drilling and to construct mining and processing facilities at a site. In addition, many early stage miners operate at a loss and are dependent on securing equity and/or debt financing, which might be more difficult to secure for an early stage mining company than for a more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">established company.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Materials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies in the materials sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">could be adversely affected by commodity price volatility, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition, depletion of resources, technical advances, labor relations, decreases in demand, litigation and government regulations, among other factors. The production of industrial materials often exceeds demand as a result of over-building or economic downturns, leading to poor investment returns. Companies in the materials sector also are at risk for environmental damage and product liability claims and may incur significant environmental remediation costs in complying with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">environmental laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Mining and Metal Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Mining and metal companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can be significantly affected by international political and economic developments, energy conservation, the success of exploration projects, commodity prices, taxes and government regulations. Investments in mining and metal industry companies may be speculative and subject to greater price volatility than investments in other types of companies. Increased environmental or labor costs may depress the value of mining and metal investments. In addition, changes in international monetary policies or economic and political conditions can affect the supply of gold and precious metals, and consequently the value of mining and metal company investments. Further, the principal suppliers of metal industries may be concentrated in a small number of countries and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">regions.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">an alternative index, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance and its daily inverse correlation to the Index will likely be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily S&amp;P Top 20 US Stocks Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of TOPT. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of TOPT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to TOPT, consistent </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Fund’s investment objective. The financial instrument in which the Fund most commonly invests is swap agreements which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TOPT </span><span style="font-family:Arial;font-size:8.645pt;">seeks to track the investment results of the S&amp;P 500 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Top 20 Select Index (the “S&amp;P Index”), which measures the performance of the 20 largest U.S. companies by float-adjusted market capitalization within the S&amp;P 500</span><span style="font-family:Arial;font-size:6pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:8.645pt;"> as </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determined by S&amp;P Dow Jones Indices LLC. The securities in the S&amp;P Index are weighted based on the float-adjusted market value of their outstanding shares subject to capping. For capping purposes, the S&amp;P Index will be rebalanced on a quarterly basis. At each quarterly rebalance in March, June, September, and December, the weight of any single issuer will not exceed 22.5% of the S&amp;P Index; and the aggregate weight of issuers with individual weights exceeding 4.5% will not exceed 48% of the S&amp;P Index. Between rebalances, constituent weights may exceed these constraints due to fluctuations in market value, corporate actions, or other events that change the index composition. TOPT </span><span style="font-family:Arial;font-size:8.645pt;">is registered </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by iShares Trust pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-92935 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding TOPT may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly </span><span style="font-family:Arial;font-size:8.645pt;">disseminated documents. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TOPT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TOPT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide leveraged exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TOPT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TOPT is consistent with the Fund’s investment objective. The impact of TOPT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TOPT has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of TOPT has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (excluding the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding iShares Top 20 U.S. Stocks ETF from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding iShares Top 20 U.S. Stocks ETF is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TOPT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning iShares Top 20 U.S. Stocks ETF could affect the value of the Fund’s investments with respect to TOPT and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TOPT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TOPT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide leveraged exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of TOPT’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TOPT during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of TOPT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of the performance of TOPT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if TOPT provided no return over a one year period during which TOPT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if TOPT’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if TOPT’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of TOPT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of TOPT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:8.645pt;">TOPT’s annualized historical volatility rate for the period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">October 23, 2024 (the inception date of TOPT) to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31</span><span style="font-family:Arial;font-size:8.645pt;">, 2022 was 16.81%. Table 2 shows the annualized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">historical</span><span style="font-family:Arial;font-size:8.645pt;"> volatility rate for the Funds'</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">underlying index that has</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">commenced operations prior to the date of this </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Two of the included indices have not commended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">operations as of the date of this Prospectus so therefore there is no volatility information to present</span><span style="font-family:Arial;font-size:8.645pt;">. The TOPT’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">annualized performance for the </span><span style="font-family:Arial;font-size:8.645pt;">period from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">October 23, 2024 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(</span><span style="font-family:Arial;font-size:8.645pt;">the inception date of TOPT) to December 31, 2022 was </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">16.86</span><span style="font-family:Arial;font-size:8.645pt;">%. Historical volatility and performance are not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">indications of what </span><span style="font-family:Arial;font-size:8.645pt;">the TOPT volatility and performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will be in the future.</span><span style="font-family:Arial;font-size:8.645pt;"> The volatility of ETFs or instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that reflect the value of the TOPT, such as swaps, may differ </span><span style="font-family:Arial;font-size:8.645pt;">from the volatility of the TOPT.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of TOPT resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in TOPT, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of TOPT. This would result in a total loss of a shareholder’s investment in one day even if TOPT subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if TOPT does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with TOPT and may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If TOPT has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if TOPT reverses all or a portion of its intraday movement by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Underlying ETF Investment</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The Fund </span><span style="font-family:Arial;font-size:8.645pt;">will invest in, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective </span><span style="font-family:Arial;font-size:8.645pt;">or an ETF’s shares trade at a significant premium or discount, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. </span><span style="font-family:Arial;font-size:8.645pt;">Shares of ETFs may trade at a discount or a premium to an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the </span><span style="font-family:Arial;font-size:8.645pt;">ETF especially </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend </span><span style="font-family:Arial;font-size:8.645pt;">sales of its shares </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The value of an individual security, such as TOPT, may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. The following are additional risk factors that may impact the </span><span style="font-family:Arial;font-size:8.645pt;">performance of TOPT: </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Large Cap Company Risk</span><span style="font-family:Arial;font-size:8.645pt;">. Because TOPT invests principally </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in large cap company securities, it may underperform other funds during periods when the large cap securities are out </span><span style="font-family:Arial;font-size:8.645pt;">of favor. </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Industry and Sector Focus Risk</span><span style="font-family:Arial;font-size:8.645pt;">. At times, TOPT may increase </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect the industry or sector more than securities of issues in other industries and sectors. To the extent that TOPT increases the relative emphasis of its investments in a particular industry or sector, the value of TOPT’s shares may fluctuate in response </span><span style="font-family:Arial;font-size:8.645pt;">to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to TOPT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to TOPT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to TOPT is impacted by TOPT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TOPT at the end of each day. The possibility of the Fund being materially over- or under-exposed to TOPT increases on days when TOPT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TOPT. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with TOPT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the TOPT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to TOPT. Any of these factors could decrease the correlation between the performance of the Fund and TOPT and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> iShares Top 20 U.S. Stocks ETF is </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of TOPT and make no representation as to the performance of TOPT. Investing in the Fund is not equivalent to investing in TOPT. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to TOPT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, TOPT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the information technology sector (the risks of which are described below), the same industry and/or sector to which TOPT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impact TOPT and/or information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Qs Top 30 Stocks Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of QTOP. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of QTOP and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to QTOP, consistent with the Fund’s investment objective. The financial instrument in which the Fund most commonly invests is swap agreements </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">QTOP </span><span style="font-family:Arial;font-size:8.645pt;">seeks to track the investment results of the Nasdaq-100 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Top 30 Index (the “Nasdaq Index”), which measures the performance of securities of the 30 largest domestic and international non-financial companies listed on Nasdaq (on the Nasdaq Global Select Market or the Nasdaq Global Market) based on market capitalization, as determined by Nasdaq, Inc.</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Nasdaq Index is a subset of the Nasdaq-100 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Index. The securities in the Nasdaq Index are weighted based on the market value of their outstanding shares subject to capping. The Nasdaq Index is reconstituted and rebalanced quarterly in March, June, September, and December. For capping purposes, at each quarterly rebalance, the weight of any single issuer will not exceed 22.5% of the Nasdaq Index; and the aggregate weight of issuers with individual weights exceeding 4.5% will not exceed 48% of the Nasdaq Index. Between rebalances, constituent weights may exceed these constraints due to fluctuations in market value, corporate actions, or other events that change the index composition. QTOP is </span><span style="font-family:Arial;font-size:8.645pt;">registered under the Securities Exchange </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by iShares Trust pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-92935 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding QTOP may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated </span><span style="font-family:Arial;font-size:8.645pt;">documents. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in QTOP that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain QTOP exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide leveraged exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of QTOP. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to QTOP is consistent with the Fund’s investment objective. The impact of QTOP’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of QTOP has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of QTOP has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (excluding </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The Adviser will attempt to position the Fund’s portfolio to ensure that the Fund does not gain or lose more than 90% of its net asset value on a given trading day. As a consequence, the Fund’s portfolio should not be responsive to underlying security movements beyond 50% on a given trading day, whether that movement is favorable or adverse to the Fund. Taking a temporary defensive position may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">result in the Fund not achieving its investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding iShares Nasdaq Top 30 ETF from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding iShares Nasdaq Top 30 ETF is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of QTOP have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning iShares Nasdaq Top 30 ETF could affect the value of the Fund’s investments with respect to QTOP and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in QTOP that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain QTOP exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide leveraged exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of QTOP’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of QTOP during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of QTOP. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of the performance of QTOP. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if QTOP provided no return over a one year period during which QTOP experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if QTOP’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if QTOP’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of QTOP and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of QTOP. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;">The INTC’s annualized historical volatility rate for the period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">October 23, 2024 (the inception</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">date</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">of QTOP)</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">to December 31,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">2022</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">was 19.38%. The INTC’s annualized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance for the </span><span style="font-family:Arial;font-size:8.645pt;">period from</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">October 23, 2024 (the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">inception date of QTOP</span><span style="font-family:Arial;font-size:8.645pt;">) to December 31, 2022 was 19.44%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of what </span><span style="font-family:Arial;font-size:8.645pt;">the INTC volatility and performance will be in the future. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The volatility of ETFs or instruments that reflect the value of the INTC, such as swaps, may differ from the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the INTC.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of QTOP resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in QTOP, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of QTOP. This would result in a total loss of a shareholder’s investment in one day even if QTOP subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if QTOP does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with QTOP and may increase the volatility of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If QTOP has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if QTOP reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to QTOP that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective, be unable to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to QTOP and therefore achieve its daily leveraged investment objective. The Fund’s exposure to QTOP is impacted by QTOP’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to QTOP at the end of each day. The possibility of the Fund being materially over- or under-exposed to QTOP increases on days when QTOP is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) QTOP. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s desired correlation with QTOP. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to the QTOP, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to QTOP. Any of these factors could decrease the correlation between the performance of the Fund and QTOP and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Underlying ETF Investment</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The Fund </span><span style="font-family:Arial;font-size:8.645pt;">will invest in, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective </span><span style="font-family:Arial;font-size:8.645pt;">or an ETF’s shares trade at a significant premium or discount, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. </span><span style="font-family:Arial;font-size:8.645pt;">Shares of ETFs may trade at a discount or a premium to an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the </span><span style="font-family:Arial;font-size:8.645pt;">ETF especially </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend </span><span style="font-family:Arial;font-size:8.645pt;">sales of its shares </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The value of an individual security, such as QTOP, may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. The following are additional risk factors that may impact the </span><span style="font-family:Arial;font-size:8.645pt;">performance of QTOP: </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Large Cap Company Risk</span><span style="font-family:Arial;font-size:8.645pt;">. Because QTOP invests principally </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in large cap company securities, it may underperform other funds during periods when the large cap securities are out </span><span style="font-family:Arial;font-size:8.645pt;">of favor. </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Industry and Sector Focus Risk</span><span style="font-family:Arial;font-size:8.645pt;">. At times, QTOP may increase </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect the industry or sector more than securities of issues in other industries and sectors. To the extent that QTOP increases the relative emphasis of its investments in a particular industry or sector, the value of QTOP’s shares may fluctuate in response </span><span style="font-family:Arial;font-size:8.645pt;">to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> iShares Nasdaq Top 30 ETF is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of QTOP and make no representation as to the performance of QTOP. Investing in the Fund is not equivalent to investing in QTOP. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to QTOP.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, QTOP, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the information technology sector (the risks of which are described below), the same industry and/or sector to which QTOP is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one security and industry, it should be expected to decrease from any market movements that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impact QTOP and/or information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, change its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily </span><span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;">Gold Miners Top 5 Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. </span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">September 1, 2026</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, such as swap agreements, securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of the Index, and exchange-traded funds ("ETFs") </span> <br/><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that track the Index, that, in combination, provide 2X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">economically leveraged investment results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the benchmark and the percentages represented by various sectors may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is so concentrated.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">index, that provide leveraged exposure to the above. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be designed to help the Fund track the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">typically results in high portfolio turnover. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">On a day-to-day basis, the Fund is expected to hold ETFs and money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., investment grade or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">assets (excluding the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the benchmark and the percentages represented by various sectors may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is so concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">200% of the performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">where the Fund can be expected to return less than 200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. The volatility of exchange traded securities or instruments that reflect the value of the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index</span><span style="font-family:Arial;font-size:8.645pt;"> had only recently commenced operations as of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the date of this Prospectus</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">and therefore historical Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility and performance are not yet available</span><span style="font-family:Arial;font-size:8.645pt;">. In the future, historical</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Index</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">volatility</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be presented </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in this section</span><span style="font-family:Arial;font-size:8.645pt;">. Historical Index volatility and performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or instruments that reflect the value of the Index</span><span style="font-family:Arial;font-size:8.645pt;"> such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous loss prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if the Index does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Index and may increase the volatility </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its intraday movement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective, be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">unable to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s ability to achieve a high degree of correlation with the Index and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily leveraged investment objective. Early and unanticipated closings of the markets on which the holdings of the Fund trade may result in the Fund’s inability to execute intended portfolio transactions which will impact the Fund’s ability to meet its daily investment objectives and its leveraged correlation to the Index. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively impact </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s leveraged correlation to the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and its daily leveraged correlation to the Index will likely </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities, including the various counterparties </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">utilized by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide leveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to decrease from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Gold and Silver Mining Company Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Because the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is concentrated in the gold mining industry and may have significant exposure to assets in the silver mining industry, the Fund will be sensitive to changes in the overall condition of gold- and silver-related companies. Competitive pressures may have a significant effect on the financial condition of gold- and silver-related companies. Also gold- and silver-related companies are highly dependent on the price of gold and silver bullion, respectively, and may be adversely affected by a variety of worldwide economic, financial and political factors. These prices may fluctuate substantially over short periods of time, which may cause the value of the gold- and silver-related companies to be more volatile than the general market. Fluctuations in the price of gold or silver may be due to a number of factors, including changes in inflation, currency exchange rates and industrial and commercial demand (including fabricator demand). Increased environmental or labor costs may depress the value of metal investments. If a natural disaster or other event with a significant economic impact occurs in a region in which the companies included in the Index operate, such disaster or event could negatively impact the profitability of such </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies and, in turn, impact the Fund’s return. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In particular, a drop in the price of gold and/or silver bullion would particularly adversely affect the profitability of small and mid-capitalization mining companies and their ability to secure financing. Companies that are only in the exploration state are typically unable to adopt specific strategies of controlling the impact of the price of gold or silver on their companies. The exploration and development of mineral deposits involve significant financial risks over a significant period of time, which even a combination of careful evaluation, experience and knowledge may not eliminate. Few properties that are explored are ultimately developed into producing mines. Major expenditures may be required to establish reserves by drilling and to construct mining and processing facilities at a site. In addition, many early stage </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">miners operate at a loss and are dependent on securing equity and/or debt financing, which might be more difficult to secure for an early stage mining company than for a more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">established company.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Materials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies in the materials sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">could be adversely affected by commodity price volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition, depletion of resources, technical advances, labor relations, decreases in demand, litigation and government regulations, among other factors. The production of industrial materials often exceeds demand as a result of over-building or economic downturns, leading to poor investment returns. Companies in the materials sector also are at risk for environmental damage and product liability claims and may incur significant environmental remediation costs in complying with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">environmental laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Mining and Metal Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Mining and metal companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can be significantly affected by international political and economic developments, energy conservation, the success of exploration projects, commodity prices, taxes and government regulations. Investments in mining and metal industry companies may be speculative and subject to greater price volatility than investments in other types of companies. Increased environmental or labor costs may depress the value of mining and metal investments. In addition, changes in international monetary policies or economic and political conditions can affect the supply of gold and precious metals, and consequently the value of mining and metal company investments. Further, the principal suppliers of metal industries may be concentrated in a small number of countries and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">regions.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">an alternative index, reduce its exposure or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to buy or sell certain portfolio securities or financial instruments, may be unable to rebalance its portfolio, may be unable to accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares on </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2026, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees.