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2025-08-26 2025-08-26 0001924868 defiance:S000085139Member oef:RiskLoseMoneyMember 2025-08-26 2025-08-26 0001924868 defiance:S000085140Member oef:RiskLoseMoneyMember 2025-08-26 2025-08-26 iso4217:USD shares iso4217:USD shares pure false 485BPOS 0001924868 2025-08-26 N-1A TIDAL TRUST II 2025-08-29 DEFIANCE DAILY TARGET 2X LONG HIMS ETF – FUND SUMMARY Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_z2QcQbL0QdVg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Hims &amp; Hers Health Inc. (NYSE: HIMS). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> Fees and Expenses of the Fund <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zZMIMrjf4Gxd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zaKHDrRvyoPa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zkE0N8ebRBe1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" id="xdx_984_eoef--OperatingExpensesCaption_dU_c20250826__20250826__dei--LegalEntityAxis__custom--S000091052Member_zbb05kAJnj35" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98F_eoef--ManagementFeesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258447Member_fKDEp_zQQgMQzbEy0l" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258447Member_zfG52OKc8iqe">None</span></span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾ </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_982_eoef--OtherExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258447Member_fKDEpKDIp_zkdaJyTGqjci" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾ </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_986_eoef--ExpensesOverAssets_iT_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258447Member_fKDEpKDMp_zNUXJbnzyEGe" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_zmfjnWnBPjcd">(1)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zCM7vdIKY4pj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zrLzk2ZoG7sf">(2)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zJ8nZrdESx8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000091052Member_ztiR6jgZCOO2">Based on estimated amounts for the current fiscal year, including broker expenses.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_zP0V4GdBTtK9">(3)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zxnhM4E6jSU7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year, including broker expenses. Expense Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zCzRGT4N0cI2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZhmTAWzvbLh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zzpqSLt7ks9h" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_uUSD_z7PaqjFlKN3i" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_uUSD_zaw02NmFHGcg" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_41C_20250826__20250826__oef--ClassAxis__custom--C000258447Member_zW35bHELB79f" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$409</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z14c46seGAX8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal period of March 12, 2025 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_908_eoef--PortfolioTurnoverRate_pid_dp_uRatio_c20250826__20250826__dei--LegalEntityAxis__custom--S000091052Member_zSFXNAwOwfNh">251</span>% of the average value of its portfolio.</span></span></p> 2.51 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zY4d7RojtAbc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000091052Member_zmOfs4k2kWBd">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">HIMS &amp; HERS HEALTH, INC. (“HIMS”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hims &amp; Hers Health, Inc. is a consumer-first health and wellness platform focused on providing modern personalized health and wellness solutions to consumers. HIMS offers access to a range of health and wellness products and services available for customers to purchase through its websites and mobile applications. HIMS is listed on the New York Stock Exchange. Per HIMS’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common equity of HIMS held by non-affiliates as of June 28, 2024 was $3.9 billion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HIMS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by HIMS pursuant to the Exchange Act can be located by reference to the SEC file number 001-38986 through the SEC’s website at www.sec.gov. In addition, information regarding HIMS may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of HIMS or other securities of Hims &amp; Hers Health, Inc. The Fund has derived all disclosures contained in this document regarding HIMS from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to HIMS. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding HIMS is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of HIMS (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning HIMS could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of HIMS.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH HIMS &amp; HERS HEALTH, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, HIMS &amp; HERS HEALTH, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Hims &amp; Hers Health, Inc. has not participated in the development of the Fund’s investment strategy. Hims &amp; Hers Health, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Hims &amp; Hers Health, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Hims &amp; Hers Health, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by HIMS or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, HIMS is assigned to the Healthcare Providers &amp; Services industry.</span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HimsRisksMember_zHh8bp4XfrS5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HIMS Risks.</b> The Fund invests in swap contracts and options that are based on the share price of HIMS. This subjects the Fund to certain of the same risks as if it owned shares of HIMS, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of HIMS, the Fund may also be subject to the following risks:</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInHimsRiskMember_zu2QAntxAVPd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in HIMS Risk.</i> HIMS is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of HIMS but will be exposed to the performance of HIMS (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HimsTradingRiskMember_zDe5nPP8Yckk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>HIMS Trading Risk.</i> The trading price of HIMS may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading HIMS, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence HIMS’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of HIMS, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HIMSPerformanceRiskMember_zoHNvgWYZDm6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>HIMS Performance Risk. </i>HIMS may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of HIMS to decline. HIMS provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance HIMS provides may not ultimately be accurate. If HIMS’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by HIMS could decline significantly.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareProvidersAndServicesIndustryRisksMember_z6iQKuIaIhMe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Healthcare Providers &amp; Services Industry Risks</i>. The healthcare providers and services industry can be significantly affected by changing economic conditions, evolving patient demographics, and fluctuations in demand for healthcare services. Profitability in this industry is often dependent on reimbursement rates from government programs and private payors, as well as the ability to manage operational costs effectively. Changes in healthcare regulations and policies, including those related to insurance coverage and reimbursement, can materially impact the industry. Companies in the healthcare providers and services industry are subject to extensive and frequently changing government regulation, which may affect the scope of their activities, the rates they can charge for services, and their compliance costs. Additionally, the industry faces risks related to litigation, operational disruptions, and evolving technologies that may alter traditional service delivery models.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessRisksMember_zxDzkkodegS6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business Risks. </i>HIMS’s limited operating history and evolving business model make it difficult to evaluate its prospects, and fluctuations in its operational results and key performance metrics could lead to unmet investor expectations. The ability to expand offerings, attract and retain customers, and navigate evolving privacy, healthcare, and regulatory frameworks is critical; failure in these areas could materially and adversely impact HIMS’s business and financial condition. HIMS operates in highly competitive markets, facing challenges from established healthcare providers, retailers, pharmaceutical companies, and technology firms, which may affect its competitive position. Additionally, the success of HIMS is heavily reliant on its brand reputation, relationships with healthcare providers and medical groups, and compliance with complex healthcare and pharmacy regulations. Security breaches, data loss, legal proceedings, or regulatory changes could harm its operations and reputation. HIMS may require additional capital to support growth, which may not be available on favorable terms. Furthermore, its dual-class stock structure concentrates voting power with the company’s CEO, limiting investors’ influence on critical decisions.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryInvestigationRiskMember_zTFMQyBjDrf3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulatory Investigation Risk.  </i>As of the date of this Prospectus, the U.S. Federal Trade Commission (“FTC”) is investigating the business practices of HIMS. Specifically, the FTC is reportedly examining whether HIMS makes it unduly difficult for customers to cancel their recurring subscriptions.  In addition, the FTC is reportedly investigating the truthfulness and transparency of HIMS’ advertising, especially concerning compounded prescription drugs and their risks. At this time, it is not clear where this investigation will lead.  However, it is possible that the FTC will assert improper practices by HIMS, which could negatively impact the share price of HIMS. In addition, the investigation has resulted in increased volatility for HIMS stock.</span></span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zi8pA856M6E" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zryM3JR8hO37" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 80.31%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 89.85% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 37.43%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationOrTrackingRiskMember_ztkTg98s6WO9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zqzDdatAWLTe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zx20K5U59KHk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zigkGUTgOTZ9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zpPBm87lJhqk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zVQnPUukHB5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <br/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zLDnbZK2U2u" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zAOQwKc6Tp26" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_ztpXO5JMc8Ia" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zxBph0kVphDb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zO4hOTezP596" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zv2eREgV2ADj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z4QOFRRuZix1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zLx00NUgR7Mf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zhO6VMIhGSgc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zHHIQVE6xtPa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zNmOnO5KzwEa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zwuiXReZCjF6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z6oVoljvBuKd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zYaUFUXfaIi3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zsmfxMUr8Ddf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zRLTH3NDeTm3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions</span>.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zAF7yLNfb3Ug" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zvbyG2deniT9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z8sKxgCKSoE5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zcZAZX6y8Glh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zV18I9fCmWXk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a Regulated Investment Company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_z5xCljWkUWqf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000091052Member_zhEeeGbbjNi2">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000091052Member_zXaVPhzBbdPf">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000091052Member_zAVHeNNZosyb">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000091052Member_zBtUNhjtclO">https://www.defianceetfs.com</span>.</span></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG IONQ ETF – FUND SUMMARY Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zxwyBhY5aTQl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of IonQ, Inc. (NYSE: IONQ). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zwFh4yUGYrbf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zn0sDgPAI1o2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zskQDaPnLWt5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" id="xdx_985_eoef--OperatingExpensesCaption_dU_c20250826__20250826__dei--LegalEntityAxis__custom--S000091054Member_zdQ1Tt8m0wTj" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_989_eoef--ManagementFeesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258449Member_fKDEp_zwxeXY6saiz8" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258449Member_zbHuqlLpf4Cb">None</span></span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾ </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98E_eoef--OtherExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258449Member_fKDEpKDIp_z1XdwWdekE33" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾ </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_986_eoef--ExpensesOverAssets_iT_dp_c20250826__20250826__oef--ClassAxis__custom--C000258449Member_fKDEpKDMp_zMWM4n1NbYC2" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <sup id="xdx_F08_zIOlNfiSqmXl">(1)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zsHe5d45rFH2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F04_z3RRwQlZWzi7">(2)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zSGQAykKg6ed" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000091054Member_z69lXkjoHLX8">Based on estimated amounts for the current fiscal year, including broker expenses.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F07_zZA1cpgwWiYa">(3)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zM5QHqAIFYoj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year, including broker expenses. Expense Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zSeE5UAfgZnk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zS17cK2UgYjc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_za6tHNHkeQHf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_uUSD_zi2SYr3UNeE8" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_uUSD_zYXJq7s7hwpd" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_41B_20250826__20250826__oef--ClassAxis__custom--C000258449Member_zdVOTAoKtmd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$409</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zFkcfk1drdBf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal period of March 11, 2025 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_pid_dp_uRatio_c20250826__20250826__dei--LegalEntityAxis__custom--S000091054Member_ztf1vhtNIjXb">314</span>% of the average value of its portfolio.</span></span></p> 3.14 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zYn5k7p0WGy9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies,”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000091054Member_zeFgFTryoOJf">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">IONQ, INC. (“IONQ”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IonQ, Inc. sells quantum computing hardware together with related maintenance and support. IONQ also sells access to several quantum computers of various qubit capacities and is in the process of researching and developing technologies for quantum computers with increasing computational capabilities. IONQ is listed on the New York Stock Exchange. Per IONQ’s most recent Form 10-K filing, the aggregate market value of the voting stock of IONQ held by non-affiliates as of June 30, 2024 was $1.2 billion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IONQ is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by IONQ pursuant to the Exchange Act can be located by reference to the SEC file number 001-39694 through the SEC’s website at www.sec.gov. In addition, information regarding IONQ may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of IONQ or other securities of IonQ, Inc. The Fund has derived all disclosures contained in this document regarding IONQ from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to IONQ. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding IONQ is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of IONQ (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning IONQ could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of IONQ.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH IONQ, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, IONQ, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, IonQ, Inc. has not participated in the development of the Fund’s investment strategy. IonQ, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. IonQ, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by IonQ, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by IONQ or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, IONQ is assigned to the Technology Hardware, Storage &amp; Peripherals industry.</span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IONQRisksMember_zAugPL2PbfR7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IONQ Risks.</b> The Fund invests in swap contracts and options that are based on the share price of IONQ. This subjects the Fund to certain of the same risks as if it owned shares of IONQ, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of IONQ, the Fund may also be subject to the following risks:</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInIONQRiskMember_zTtcHy47cWVi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in IONQ Risk.</i> IONQ is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of IONQ but will be exposed to the performance of IONQ (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IONQTradingRiskMember_zLgUGB6f0Yqd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IONQ Trading Risk.</i> The trading price of IONQ may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading IONQ, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence IONQ’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of IONQ, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IONQPerformanceRiskMember_zI3rwixha7F7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IONQ Performance Risk. </i>IONQ may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of IONQ to decline. IONQ provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance IONQ provides may not ultimately be accurate. If IONQ’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by IONQ could decline significantly.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologyHardwareStorageAndPeripheralsRisksMember_zzWyRHTlVvac" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Technology Hardware, Storage &amp; Peripherals Risks</i>. Companies in the technology hardware, storage, and peripherals industry may face intense competition, both domestically and internationally, which can pressure profit margins and market share. These companies often rely on complex supply chains and third-party providers for components, manufacturing, and services. Supply chain disruptions, including the unavailability of critical materials or components, price increases, or delays in production, can adversely affect operations. Many companies in this industry depend on a limited number of suppliers or suppliers concentrated in specific geographic regions, which may increase vulnerability to geopolitical risks, natural disasters, or regulatory changes. Identifying and qualifying alternative suppliers can be time-consuming and costly, with no guarantee of availability. Additionally, operations may be impacted by resource constraints, including shortages of electricity, rare earth elements, or other essential materials. Companies in this industry are also exposed to cybersecurity threats, intellectual property risks, and evolving technological standards, which may increase operational costs and hinder competitiveness.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessRisksMember_zxuFCjQ3aEgh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business Risks: </i>IONQ is an early-stage business with a limited operating history, a history of operating losses, and an expectation of significant expenses and losses for the foreseeable future. IONQ faces challenges scaling its business, managing growth, and effectively executing its strategies in a nascent and volatile quantum computing industry. The company’s success is highly dependent on its ability to develop scalable quantum computing systems, achieve cost reductions, and maintain competitive positioning in a rapidly evolving market. There is no assurance that IONQ’s technology will achieve broad market adoption, particularly given the technical and economic challenges of the quantum computing sector.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IONQ’s reliance on key employees and its ability to retain talent with specialized knowledge is critical to its operations. Additionally, much of its revenue is concentrated among a few customers, making the business vulnerable to contract terminations or customer loss. Dependence on proprietary ion trap technology and specific isotopic materials introduces supply chain risks, while compatibility with industry-standard software and hardware remains a concern. Intellectual property risks, including the loss or compromise of trade secrets, inability to maintain patent protections, or litigation claims, could harm the company’s competitive edge.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IONQ is also exposed to risks related to international expansion, government contracts, and regulatory changes, including tariffs and trade restrictions. Operational disruptions, cybersecurity threats, and adverse global economic conditions could further impact IONQ’s growth and profitability. If IONQ fails to meet market expectations or achieve forecasted growth, its stock price and long-term prospects could be materially affected.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zDVtHWJibhw" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z10pTstlKQ8h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the period of January 4, 2021 to June 30, 2025 (the maximum period available) was 90.79%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 94.41% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 35.06%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationOrTrackingRiskMember_zCwEfnIAnl3b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z6J9xCRCMWm5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zesyshWzLv7e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zCJ6tdafmKRj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zvaWluSuEidh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_ziBNppLqCLH8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zLYa3Iy9dSff" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zohT7ITeGYNl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zM5YEOxGBoRf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zuf2WdWVLsq5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zEPj8hphd0C" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z4YKXGY0xFF6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zSB61pkVi51a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zIEnluh2QgZ9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zhMeMkAynX4f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zVumIOjHM212" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zzLIF66Xavql" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zZpzReRxqS7c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zD2UEf2kbMsj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ztGzxAQ6Sxb8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z39f0ovhTNbc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zeWg6V3Kuebi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions.</span></span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zhgZgg7KIswc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zBDYsKqYfUnf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z0JmF4uae6Di" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zCUvVNr5zFUi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z6wbwYDKmOQd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a Regulated Investment Company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zhqQdA7gNCRd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000091054Member_zkJF85li1Adg">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000091054Member_zd3GV6GrLGCa">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000091054Member_zxpzNcyk9Bbe">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000091054Member_zyWlP7iY4jP1">https://www.defianceetfs.com</span>.</span></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG RKLB ETF – FUND SUMMARY Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zF9w8TDbTgP" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Rocket Lab Corporation (NASDAQ: RKLB). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></span></p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zl4CQiVwHaZ6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zlhpsVaHWona"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zaYaiG5lKBOh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" id="xdx_988_eoef--OperatingExpensesCaption_dU_c20250826__20250826__dei--LegalEntityAxis__custom--S000091059Member_z0sN2zQWvZ66" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258454Member_fKDEp_zWOKRX1pZp4" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258454Member_z8qw9Slbn081">None</span></span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾ </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_988_eoef--OtherExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258454Member_fKDEpKDIp_zCAEJmWn5tMe" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾ </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98B_eoef--ExpensesOverAssets_iT_dp_c20250826__20250826__oef--ClassAxis__custom--C000258454Member_fKDEpKDMp_zyTtJ2bSfam5" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zeylI8wsGDq6">(1)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_z8AukqJUzmU8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zPlV1bnTCcJ9">(2)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_z5dWy17jeYOk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000091059Member_zfzFCRXpjn4">Based on estimated amounts for the current fiscal year, including broker expenses.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zLNXyuBOoWy7">(3)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_z5weJPmUpIik" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year, including broker expenses. Expense Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zvbR5vz0fJy" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMSDbhjK5a2j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zL1oTu1njXTf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_uUSD_zqeX7T1wQh0g" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_uUSD_zzVue7Mr9Rca" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr id="xdx_414_20250826__20250826__oef--ClassAxis__custom--C000258454Member_zy8fPMKuN0ki" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 409</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_z9pHxv8oAIUk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal period of March 12, 2025 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_pid_dp_uRatio_c20250826__20250826__dei--LegalEntityAxis__custom--S000091059Member_za9ih8NXw99k">416</span>% of the average value of its portfolio.</span></span></p> 4.16 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_z6yBHMFF3NRk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000091059Member_zskb2NPwDup">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Rocket Lab Corporation (NASDAQ: RKLB)</span></b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rocket Lab Corporation is a leading aerospace company that specializes in small satellite launch services, spacecraft manufacturing, and advanced space systems. The company provides reliable and cost-effective access to orbit through its Electron rocket, develops satellite platforms such as Photon for various applications, and is advancing the development of its medium-lift Neutron rocket. RKLB is listed on The Nasdaq Stock Market LLC (“NASDAQ”). According to RKLB’s most recent Form 10-K filing, the aggregate market value of the voting stock held by non-affiliates as of June 30, 2024, was approximately $1.73 billion.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RKLB is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by RKLB pursuant to the Exchange Act can be located by reference to the SEC file number 001-39560 through the SEC’s website at www.sec.gov. Additional information regarding RKLB may be obtained from press releases, news articles, and other publicly available documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of RKLB or other securities of Rocket Lab Corporation. The Fund has derived all disclosures contained in this document regarding RKLB from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to RKLB. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding RKLB is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RKLB (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning RKLB could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of RKLB.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH ROCKET LAB CORPORATION THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, ROCKET LAB CORPORATION.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Rocket Lab Corporation has not participated in the development of the Fund’s investment strategy. Rocket Lab Corporation does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Rocket Lab Corporation does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Rocket Lab Corporation.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by RKLB or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, RKLB is assigned to the Aerospace &amp; Defense industry.</span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RKLBRisksMember_z9sCIltq9FW4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RKLB Risks.</b> The Fund invests in swap contracts and options that are based on the share price of RKLB. This subjects the Fund to certain of the same risks as if it owned shares of RKLB, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of RKLB, the Fund may also be subject to the following risks:</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInRklbRiskMember_zG7fSxxWFztf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in RKLB Risk.</i> RKLB is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of RKLB but will be exposed to the performance of RKLB (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RklbTradingRiskMember_zXrjuSPuhbbg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RKLB Trading Risk.</i> The trading price of RKLB may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading RKLB, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence RKLB’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of RKLB, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RKLBPerformanceRiskMember_zFnsumwXaed9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RKLB Performance Risk. </i>RKLB may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of RKLB to decline. RKLB provides guidance regarding its expected financial and business performance, such as projections regarding sales and production. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance RKLB provides may not ultimately be accurate. If RKLB’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by RKLB could decline significantly.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AerospaceAndDefenseIndustryRisksMember_zCAWPyiBpP96" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Aerospace &amp; Defense Industry Risks</i>. Companies in the aerospace and defense industry are subject to risks stemming from their reliance on government budgets and spending priorities, which can fluctuate due to political and economic pressures. These companies often operate in highly competitive markets and may face challenges from both domestic and international competitors. The aerospace and defense industry is also affected by geopolitical tensions, trade policies, and regulatory changes that can impact market access and operational efficiency. Aerospace and defense companies typically rely on complex supply chains for specialized components and materials. Disruptions in these supply chains, whether due to shortages, price increases, or geopolitical factors, can significantly affect production and profitability. Additionally, technological advancements are critical for maintaining competitiveness in this sector, but the high cost and uncertain outcomes of research and development efforts may pose financial risks. Companies in this industry face heightened cybersecurity risks due to the sensitive nature of their technologies, and breaches can lead to operational disruptions, reputational damage, and regulatory scrutiny. Long-term fixed-cost contracts, which are common in this sector, may expose companies to financial losses if costs exceed estimates. Furthermore, environmental and safety regulations, as well as export controls, tariffs, and trade restrictions, impose significant compliance costs and may limit market opportunities. The aerospace and defense industry is inherently cyclical and influenced by global political and economic developments, which can contribute to earnings volatility and investment risks.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessRisksMember_zBP5NzpJxtFa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business Risks. </i>RKLB has experienced rapid growth, with its employee base and operations expanding substantially in recent years, placing considerable demands on its management, operational infrastructure, and financial resources. Continued growth is dependent on RKLB’s ability to scale its revenue, improve operational efficiencies, and maintain profitability while effectively managing its increasingly complex organizational structure. Failure to integrate acquisitions, enhance business processes, or address evolving customer and market demands could adversely affect RKLB’s growth prospects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RKLB operates in competitive markets for rocket launch services, mission services, spacecraft, and spacecraft components, facing challenges from established players and new entrants. RKLB’s success relies on its ability to anticipate and respond to macroeconomic and industry-specific changes, hire and retain talent, and maintain high levels of customer satisfaction. Additionally, interruptions from information technology failures, cybersecurity breaches, or other infrastructure issues could disrupt operations. RKLB’s ability to comply with applicable regulations and adapt to changes in the industry also presents ongoing risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While RKLB has demonstrated significant revenue growth in recent years, future revenue generation and growth are uncertain. Rising operating expenses may outpace revenue growth, potentially harming profitability and the company’s overall financial condition. Failure to address these risks could materially impact RKLB’s business and long-term prospects.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyAndCyberSecurityRiskMember_zaI8WsQlWyIk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intellectual Property and Cyber Security Risk</i>. Any significant disruption in or unauthorized access to RKLB’s computer systems or those of third parties that RKLB utilizes in its operations, including those relating to cybersecurity or arising from cyber-attacks, could result in a loss or degradation of service, unauthorized disclosure of data, or theft or tampering of intellectual property, any of which could materially adversely impact RKLB’s business. </span></span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zbWcY5K77vB8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zOHqHzQjAvUf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the period of September 24, 2020 to June 30, 2025 (the maximum period available) was 73.22%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 74.60% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 29.50%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationOrTrackingRiskMember_zAf1rdwPMg2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zZx3z5UD9Xy6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z6hfgTMk1pJj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_z0gKxatiqn25" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zdF1bCevrvwi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zMhGCUXp1YQc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zzChEVoUvyp3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z594ZqSSj2Mg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zfG7AGXM9Ihi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zt4SS6AsqoJb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zMfxvDFn1TX5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zozSOzDp3tel" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zJgXx6rhyA67" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zYg6nswdKuHb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zIHlHQ8YAom" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zNhtKbx8gZ18" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zE4OQw1jFYGk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zqVknLzACIm5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zkQcLwKcSIz8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zrWO9XkhOR68" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zMgbRXX7l9ua" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_z8EgGxNSxx0e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions.</span></span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zpQu7wUBYD15" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zUvVlaXARJ1k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zKcnkbAvklD9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zLmg15ANOjdk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zxoMWViwTuL3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a Regulated Investment Company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zrSKbIDIjxc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000091059Member_zcsIIzQCPkPi">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000091059Member_za4rABVgwFBc">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000091059Member_zYpsl2lKN5Wk">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000091059Member_zLmhvtFriiNj">https://www.defianceetfs.com</span>.</span></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG CVNA ETF – FUND SUMMARY Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_z2zCQXLK0VRd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Carvana Co. (NYSE Arca: CVNA). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_z5FXcOjiEIAd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zKsQ3Hi10Wyk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zD6JPiJsIKs" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" id="xdx_98D_eoef--OperatingExpensesCaption_dU_c20250826__20250826__dei--LegalEntityAxis__custom--S000091049Member_zuas0qRN0iof" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_987_eoef--ManagementFeesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258444Member_fKDEp_zLaglfXINHth" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258444Member_z6KRC3teXOsa">None</span></span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾ </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98F_eoef--OtherExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258444Member_fKDEpKDIp_zzHpNvKY0ti2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾ </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_986_eoef--ExpensesOverAssets_iT_dp_c20250826__20250826__oef--ClassAxis__custom--C000258444Member_fKDEpKDMp_zQjRVAQAo1Z9" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zsvEn0Olmb4i">(1)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_z0UnLjP8hOR4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_z5VyFnulmb81">(2)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zYltYU1B6Bta" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000091049Member_z2X2QM8DgeK9">Based on estimated amounts for the current fiscal year, including broker expenses.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F00_zKI0OSdJyEx">(3)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_ziKUybx3van3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year, including broker expenses. Expense Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zQEcLw99i2B6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxPQTfpjUVC7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zPY0lNXhMsfi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_uUSD_zf3lbwvE9Urb" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_uUSD_zHTtGvTsiTQ1" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr id="xdx_418_20250826__20250826__oef--ClassAxis__custom--C000258444Member_zNCEhqWAQ2Kj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$409</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zWFJVjnZXYPg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zcL2MUWOJfwc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000091049Member_zbb9PqW7bPC7">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">CARVANA CO. (“CVNA”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CVNA is a leading e-commerce platform for buying and selling used cars. CVNA is listed on the New York Stock Exchange (“NYSE”). Per CVNA’s most recent Form 10-K filing, the aggregate market value of common stock held by non-affiliates of CVNA (based on the last reported sale price of its class A common stock on June 30, 2024 on the NYSE) was approximately $14.7 billion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CVNA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by CVNA pursuant to the Exchange Act can be located by reference to the SEC file number 001-38073 through the SEC’s website at www.sec.gov. In addition, information regarding CVNA may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of CVNA or other securities of CVNA. The Fund has derived all disclosures contained in this document regarding CVNA from the publicly available documents. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to CVNA. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding CVNA is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CVNA (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning CVNA could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of CVNA.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH CARVANA CO. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, CARVANA CO.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Carvana Co. has not participated in the development of the Fund’s investment strategy. Carvana Co. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Carvana Co. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Carvana Co.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by CVNA or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry as that assigned to CVNA. As of the date of the Prospectus, CVNA is assigned to the Specialty Retail industry.</span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CVNARisksMember_zwopIhSy7Uj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CVNA Risks.</b> The Fund invests in swap contracts and options that are based on the share price of CVNA. This subjects the Fund to certain of the same risks as if it owned shares of CVNA, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of CVNA, the Fund may also be subject to the following risks:</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInCvnaRiskMember_zn0P0w72upJ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in CVNA Risk.</i> CVNA is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of CVNA but will be exposed to the performance of CVNA (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CvnaTradingRiskMember_zQdsqONiFHy2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>CVNA Trading Risk.</i> The trading price of CVNA may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading CVNA, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence CVNA’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of CVNA, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CVNAPerformanceRiskMember_zwxeXHeHwhwg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>CVNA Performance Risk. </i>CVNA may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of CVNA to decline. CVNA provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance CVNA provides may not ultimately be accurate. If CVNA’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by CVNA could decline significantly.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AutomotiveIndustryRiskMember_z3O1ZNdcPU4k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Automotive Industry Risk. </i>The automotive retail industry is subject to significant risks that can impact both profitability and competitiveness. The industry is highly dependent on consumer demand, which can be influenced by various factors such as economic conditions, consumer confidence, fuel prices, and preferences for particular vehicle types. Economic downturns or decreases in consumer spending can lead to reduced vehicle sales, impacting the profitability of automotive retailers. Effective inventory management is essential to avoid excess holding costs, obsolescence, and missed sales opportunities. Additionally, the industry’s reliance on auto lending and financing means that changes in interest rates, lending standards, and credit availability can greatly influence consumer purchasing behavior. Regulatory compliance is another crucial aspect, as automotive retailers must adhere to various consumer protection, advertising, financing, and environmental standards, with non-compliance resulting in substantial fines, legal costs, and reputational damage.</span></span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessRisksMember_zGrENTOs9oAb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business Risks. </i>CVNA has experienced rapid growth, requiring substantial capital investment and placing significant demands on its management, infrastructure, and financial resources. Its ability to sustain growth depends on efficiently managing inventory, scaling operations, and improving profitability, while challenges in sourcing and selling vehicles, along with reliance on automotive finance receivables, expose it to credit market disruptions and regulatory risks. Operating in a highly competitive industry, CVNA’s success relies on maintaining strong customer experiences, enhancing its brand, and staying innovative, with failure to do so risking market share and growth. Macroeconomic factors, including fluctuating demand, supply chain disruptions, rising interest rates, and inflation, further impact its financial stability, alongside dependencies on key logistics and lender partnerships. Additionally, heavy reliance on proprietary technology systems poses operational and reputational risks from potential failures or cybersecurity breaches.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zD2kcGS8oXGf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z2gQARPUQF8e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 110.55%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 158.34% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 22.90%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationOrTrackingRiskMember_z3Ic7zHel2Pe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zSzaRrp63gyg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zmjtqthfyfN" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zhu67r5I0X74" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zdWUhhnKG3kb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zJi2WdxfIM3a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z1Yjw6HpnEji" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zHR6awwJkdZh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zoOOZ8jnuEoc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_za3yQScHWna6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zef7GhCBvN2a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zMZcwYXPufU" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zeVKj4RUxOG" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zWfawyqhE854" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z0uc62HSHGcd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_znCsdHhZDPEj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z7Xt7L2aoJpb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zRkmhKrMntfl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zCCs8615heT6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ziXiHS6jiJ4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zVvjF34GP7dg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zZEtCGHJhjt3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskNondiversifiedStatusMember_zUTMp4vee9bk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zLVzMA78FCJd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z58vEPRsi0fj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zwlSoMpVBqIi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zLyW6qy8dpU1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a Regulated Investment Company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zxablQN8DUQd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000091049Member_z59ra4maxRf3">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000091049Member_zHWowkYwswt2">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000091049Member_zivThvogmpab">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000091049Member_zdK5NMfDU5uk">https://www.defianceetfs.com</span>.</span></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG HOOD ETF – FUND SUMMARY Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_z3bG9Ty0wJle" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Robinhood Markets, Inc. (Nasdaq: HOOD). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zYqvHfcIKDn1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zQXs1PLM5QP1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z4F53ySqdOD" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" id="xdx_98E_eoef--OperatingExpensesCaption_dU_c20250826__20250826__dei--LegalEntityAxis__custom--S000091053Member_zo0ZsQElimV3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98A_eoef--ManagementFeesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258448Member_fKDEp_zzshL3DRFzzf" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258448Member_zGmLFw9OZ4Yi">None</span></span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾ </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98E_eoef--OtherExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258448Member_fKDEpKDIp_zuOKj23y4PPa" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾ </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98B_eoef--ExpensesOverAssets_iT_dp_c20250826__20250826__oef--ClassAxis__custom--C000258448Member_fKDEpKDMp_zHF51f9CvCZg" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zED4qv6XTYVe">(1)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zlVyPQUV4Nfc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zlKPFUDdzc8f">(2)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zYM0dKFxNSx8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000091053Member_zrBUoGdYJTjb">Based on estimated amounts for the current fiscal year, including broker expenses.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_z3UmhnKMDSgi">(3)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zvPDhq2cems1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year, including broker expenses. Expense Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zdNKNDuGEQCf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zyHZmqhpGlu3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zijJAOxf7Em2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_uUSD_zOXkQnZBAsh9" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_uUSD_zJ8rzExVoPM7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr id="xdx_411_20250826__20250826__oef--ClassAxis__custom--C000258448Member_zJVuYb36jzx4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 8pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 8pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$409</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zU69bIxnnwP9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal period of March 18, 2025 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90B_eoef--PortfolioTurnoverRate_pid_dp_uRatio_c20250826__20250826__dei--LegalEntityAxis__custom--S000091053Member_ztdblR4B9fe7">210</span>% of the average value of its portfolio.</span></span></p> 2.10 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zX9V7dqafeSi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000091053Member_zTY8BENhLygf">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">ROBINHOOD MARKETS, INC. (“HOOD”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOOD is a financial services company known for its commission-free trading software application that allows users to invest in stocks, ETFs, options, and cryptocurrencies. HOOD is listed on the Nasdaq Stock Market (“Nasdaq”). Per HOOD’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common stock held by non-affiliates of HOOD (based on the last reported sale price of its Class A common stock on June 30, 2024 on the Nasdaq Global Select Market) was approximately $16.3 billion.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOOD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by HOOD pursuant to the Exchange Act can be located by reference to SEC file number 001-40691 through the SEC’s website at www.sec.gov. In addition, information regarding HOOD may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of HOOD or other securities of HOOD. The Fund has derived all disclosures contained in this document regarding HOOD from the publicly available documents. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to HOOD. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding HOOD is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of HOOD (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning HOOD could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of HOOD.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH ROBINHOOD MARKETS, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, ROBINHOOD MARKETS, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Robinhood Markets, Inc. has not participated in the development of the Fund’s investment strategy. Robinhood Markets, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Robinhood Markets, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Robinhood Markets, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by HOOD or its affiliates. All rights in the trademarks are reserved by their respective owners. </b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry as that assigned to HOOD. As of the date of the Prospectus, HOOD is assigned to the Capital Markets industry.</span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HOODRisksMember_zDZuCZQg0By5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HOOD Risks.</b> The Fund invests in swap contracts and options that are based on the share price of HOOD. This subjects the Fund to certain of the same risks as if it owned shares of HOOD, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of HOOD, the Fund may also be subject to the following risks:</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInHoodRiskMember_z2dQAnAmTowf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in HOOD Risk.</i> HOOD is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of HOOD but will be exposed to the performance of HOOD (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HoodTradingRiskMember_zP5kZtN1cW8g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>HOOD Trading Risk.</i> The trading price of HOOD may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading HOOD, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence HOOD’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of HOOD, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HOODPerformanceRiskMember_zsOR4NAsTuNf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>HOOD Performance Risk. </i>HOOD may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of HOOD to decline. HOOD provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance HOOD provides may not ultimately be accurate. If HOOD’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by HOOD could decline significantly.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HOODOperationalRisksMember_zCz4ynTrXE6l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>HOOD Operational Risks. </i>HOOD’s plans to venture into new international markets introduces significant uncertainties that may not yield desired outcomes. Operations are subject to complex and evolving laws, with non-compliance posing threats to HOOD’s business. Past and potential future regulatory investigations, settlements, and litigation could lead to substantial costs and reputational damage. Intense competition from rivals with greater resources threatens HOOD’s market position and revenue. Failure to retain existing customers or attract new ones, coupled with reduced usage of products and services, may result in declining revenue. Moreover, failure to develop and monetize innovative offerings could diminish competitiveness and revenue streams.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dependence on complex software and systems entails the risk of interruptions, instability, and flaws, potentially disrupting operations. Reliance on third-party entities for critical functions exposes the company to risks associated with their performance. Additionally, incorporating AI technologies presents business, compliance, and reputational risks. Cybersecurity breaches targeting the company’s systems or customer data could lead to significant financial and reputational damage. Failure to maintain required net capital levels may result in restrictions and regulatory actions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks associated with the effectiveness of compliance and risk management policies and procedures may impact operations under different market conditions. Operating in the highly volatile cryptocurrency market exposes the company to uncertainties and fluctuations affecting trading volumes and revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory uncertainties surrounding cryptocurrency classification and compliance could lead to scrutiny, fines, and penalties. The complexity of rapidly evolving and difficult-to-interpret cryptocurrency laws and regulations poses challenges and compliance risks. Offering payment and spending services introduces risks related to illegal payments, customer asset loss, disputes, and liabilities. Future issuances of stock may lead to significant dilution, impacting shareholder value. Lastly, concentrated voting power with founders and multi-class stock structures limit shareholder influence over company decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factors that affect transaction-based revenue, such as reduced spreads in securities pricing, reduced levels of trading activity generally, changes in HOOD’s business relationships with or disruption in the services provided by market makers, and any new regulation of, or any bans on, payment for order flow, or “PFOF,” and similar practices, might result in reduced profitability, increased compliance costs, and negative publicity.</span></span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialExchangesAndDataIndustryRisksMember_z6UAqLn2mhig" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial Exchanges and Data Industry Risks.</i> The industry is highly susceptible to fluctuations in economic conditions, changes in market sentiment, and regulatory alterations, which can significantly affect market volatility and trading volumes. Technological disruptions or failures, including cybersecurity breaches, could compromise user data and disrupt trading activities, potentially leading to financial losses for both the company and its users. Additionally, the competitive landscape, with rapid technological advancements and the emergence of new competitors, could impact HOOD’s market share and profitability. Such factors could adversely affect HOOD’s business performance and stock price and, in turn, negatively impact the Fund.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GlobalCryptoAssetTradingPlatformRisksMember_zf6nDxbZOBK1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Global Crypto Asset Trading Platform Risks.</i> HOOD has announced plans to expand its crypto asset business. Such an expansion will subject HOOD to risks related to regulatory compliance, such as the potential for increased scrutiny, enhanced anti-money laundering (AML) and know your customer (KYC) requirements, and the need for additional licenses in various jurisdictions. Operational risks will also arise from the complexities of integrating the new platform’s operations, technology, and culture, as well as the need to bolster system security and manage a more extensive technology infrastructure. Market risks, including high volatility and liquidity management challenges, will become more pronounced. Reputational risks could emerge from potential security breaches, operational failures, or regulatory violations, affecting customer trust and market perception. Legal risks may increase due to potential litigation and intellectual property issues. Additionally, HOOD will be subject to financial risks associated with the capital investment required for the expansion.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryAndLitigationRelatedRisksMember_zmILauKHIva3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulatory and Litigation Related Risks.</i> HOOD is subject to a wide variety of local, state, federal, and international laws, regulations, licensing schemes, and industry standards in the United States, the UK, the EU and in other countries and regions in which HOOD operates. Changes in these laws and regulations, or HOOD’s failure to comply with these laws and regulations, could harm HOOD’s business. Further, HOOD has been subject to regulatory investigations, actions, and settlements and HOOD expects to continue to be subject to such proceedings in the future, which could cause HOOD to incur substantial costs or require HOOD to change HOOD’s business practices in a materially adverse manner. HOOD is involved in numerous litigations that are expensive and time consuming, and, if resolved adversely, could expose HOOD to significant liability and reputational harm.</span></span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_za4Rxz8NBAcf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z8M0IXpiR0Gi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the period of July 28, 2021 to June 30, 2025 (the maximum period available) was 73.67%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 81.71% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 28.73%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationOrTrackingRiskMember_zNDpLZGPst38" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z2a78Semq0g5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zePNt95GAyci" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zozU6yQKMaT" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z8VewQuYFEX1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z40OhPpkiHJ7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zuo8hK6jGAc8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zuyyggt9LxKa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z00l0EDFt871" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zYlNTFpM0vI9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zyffMO9WfBHk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zOb0Qpn6tJpd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zk9vNG1uyJCf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zpjhSTrmmQd2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zuoQudVv7AXk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zu7UbuzBNwm1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zi48YeB3Ee3a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zgJmmqzWhD0l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z7ZX9ou1uk3g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zU76tzn0PGLc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z7pwpjKdE7Hb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_z3xYBqRYp2vl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions.</span></span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskNondiversifiedStatusMember_zAkV8yiKsL1b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_znOTBSHwiIO" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z3drF07Nmdw2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zLeXALVXygp4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zNCSh36Llurc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a Regulated Investment Company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zBbyrH3p9okc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000091053Member_zG4XvmTA6XG3">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000091053Member_ziolu7vEkmql">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000091053Member_zK5RbrEgsQag">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000091053Member_z2pc41a57nn5">https://www.defianceetfs.com</span>.</span></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG VST ETF – FUND SUMMARY Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zxXfYhM1DkXh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Vistra Corp. (NYSE: VST). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zSrbZNk4tzZb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zAbfOW2yGvo8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zHZpTl5lB86a" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" id="xdx_985_eoef--OperatingExpensesCaption_dU_c20250826__20250826__dei--LegalEntityAxis__custom--S000091051Member_zarO8cguzvZ2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_982_eoef--ManagementFeesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258446Member_fKDEp_zlH313nKOBNf" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258448Member_z4JtYiGEs9u6">None</span></span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾ </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98C_eoef--OtherExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258446Member_fKDEpKDIp_zfhztw78nrv7" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾ </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_986_eoef--ExpensesOverAssets_iT_dp_c20250826__20250826__oef--ClassAxis__custom--C000258446Member_fKDEpKDMp_zbTowm5rUX1b" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zEQ0LbMf34Vb">(1)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zmrH2ZYIYi66" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F04_zFTPiDldc6lj">(2)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zPNGcfLPuisi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000091051Member_zgjlUxABrUD5">Based on estimated amounts for the current fiscal year, including broker expenses.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F07_z8vPqYtIwb51">(3)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zHut7igINiJd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year, including broker expenses. Expense Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zUax2e5tNDja" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zeoCXB7fj1f4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zmsZzJU72G17" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_uUSD_zfi2dYOqRG1c" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_uUSD_zdsqxNC8OOAf" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr id="xdx_410_20250826__20250826__oef--ClassAxis__custom--C000258446Member_zZFdred3e8g1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 8pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 8pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 409</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zXfDQnYDfYqf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zZKKPHaZIpJe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000091051Member_zEaIlRwp2L59">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">VISTRA CORP. (“VST”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vistra Corp. is an integrated retail electricity and power generation company operating in 20 states and the District of Columbia, including all major competitive wholesale power markets (i.e., markets where energy producers compete to sell their power directly to large buyers like utilities and energy retailers) in the U.S. The company serves approximately 4 million residential, commercial, and industrial customers with electricity and natural gas. Vistra’s generation fleet provides approximately 37,000 megawatts of capacity from a diversified mix of natural gas, nuclear, coal, solar, and battery energy storage facilities. Its integrated model combines retail electricity sales with power generation and wholesale operations to efficiently meet customer demand. VST is listed on the New York Stock Exchange. Per VST’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant as of June 30, 2024 was $29.5 billion based upon the closing price reported for such date on NYSE.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VST is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by VST pursuant to the Exchange Act can be located by reference to the SEC file number 001-38086 through the SEC’s website at www.sec.gov. In addition, information regarding VST may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of VST or other securities of DraftKings Inc. The Fund has derived all disclosures contained in this document regarding VST from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to VST. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding VST is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of VST (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning VST could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of VST.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH VISTRA CORP. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, VISTRA CORP.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Vistra Corp. has not participated in the development of the Fund’s investment strategy. Vistra Corp. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Vistra Corp. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Vistra Corp.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by VST or its affiliates. All rights in the trademarks are reserved by their respective owners. </b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, VST is assigned to the Independent Power and Renewable Electricity Producers industry.</span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--VSTRisksMember_z4Toiw62uakh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VST Risks.</b> The Fund invests in swap contracts and options that are based on the share price of VST. This subjects the Fund to certain of the same risks as if it owned shares of VST, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of VST, the Fund may also be subject to the following risks:</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInVstRiskMember_zWxpe7PSLC06" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in VST Risk.</i> VST is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of VST but will be exposed to the performance of VST (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--VstTradingRiskMember_zwAUjjRqXWXg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>VST Trading Risk.</i> The trading price of VST may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading VST, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence VST’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of VST, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--VstPerformanceRiskMember_zoStjGpMv548" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>VST Performance Risk. </i>VST may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of VST to decline. VST provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance VST provides may not ultimately be accurate. If VST’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by VST could decline significantly.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndependentPowerAndRenewableElectricityProducersIndustryRisksMember_z3PU4boHpsO6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Independent Power and Renewable Electricity Producers Industry Risks</i>. This industry includes companies involved in the generation and sale of electricity from independent power plants and renewable energy facilities such as solar, wind, hydroelectric, and battery storage. The industry is highly competitive and influenced by factors such as electricity demand, energy prices, and technological advancements. The prices of securities of companies in this industry may fluctuate widely due to general economic conditions, changes in energy market dynamics, and regulatory developments. Companies in this industry are subject to risks related to fuel supply and costs, renewable energy resource availability, and transmission infrastructure constraints. Additionally, the industry may be affected by legislative or regulatory changes, including renewable energy incentives, environmental standards, and carbon emission requirements. Operational risks, such as equipment failures, weather-related disruptions, and cybersecurity threats, can also have a significant impact on companies in this sector.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessRisksMember_zYmcVlCVzN3k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business Risks. </i>VST faces significant risks specific to its business operations, including exposure to fluctuations in wholesale power prices, fuel costs, and supply chain disruptions, which may adversely impact its revenues and financial performance. The company’s ability to manage commodity price risks is limited, and increased competition, regulatory changes, or government intervention in power markets could further challenge its profitability. Operating in a highly regulated industry, VST is subject to evolving environmental laws and climate change regulations that could impose substantial costs or constraints. Additionally, the capital-intensive nature of power generation, including the operation of the Comanche Peak nuclear facility, poses risks from cybersecurity threats, system failures, and extreme weather conditions. Changes in technology and energy efficiency initiatives could reduce electricity demand, impacting VST’s business model. The company also faces pressures from stakeholder expectations on environmental, social, and governance (ESG) issues, which may influence investor confidence and its stock performance. Further, litigation, legal proceedings, regulatory investigations or other administrative proceedings could expose VST to significant liabilities and reputational damage that could have a material adverse effect on VST.</span></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zCIQHWBiInWb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zYA0T0w2jJn6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 47.37%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 56.19% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 59.76%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationOrTrackingRiskMember_z9PDi310XCYb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zGj86p5gCmse" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z5Zh6dx7W768" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_z4TzGmYaM1y" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zAI7j80rPtL2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z4xNPj7ZCig7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z3OeEodYaCjf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zpz9D8qjeO24" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zvUMhYus4r11" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zlvi9qaQZEV6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zxwenkFsvH1b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zf9ksiLa946e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zFFeM7ecDYGf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zS6S2tJmblRa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zMXeEDV6h6w3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zyfBF3aewX0b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zL5Tv0T97Pq3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zGRK2MfPOzTc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zuxwb85MKRJa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zbM5UIHXaWya" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zAwh4c8VmDtj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zOIFXQmT3UJj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskNondiversifiedStatusMember_zG1nk4EPAfAk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zoUTLNrjzKuk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zxFTdT3AQSN3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_z8hCWcsVrpRf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zoquftbi6o24" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a Regulated Investment Company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zhlqPUfQstN4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000091051Member_zzeYwbSc2j6k">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000091051Member_ziTMfWBhi6x5">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000091051Member_zhGRe0ukxRMe">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000091051Member_zWOvpqKhfkje">https://www.defianceetfs.com</span>.</span></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG JPM ETF – FUND SUMMARY Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zoiILVyCpYeh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of JPMorgan Chase &amp; Co. (NYSE: JPM). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zJTHQdHOTxne" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zGmb66uj3q1l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zrHrNSXnrf88" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" id="xdx_98F_eoef--OperatingExpensesCaption_dU_c20250826__20250826__dei--LegalEntityAxis__custom--S000091055Member_zp6qcSPfoDOg" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_985_eoef--ManagementFeesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258450Member_fKDEp_zvTekyPfqH07" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258450Member_zM27yYStboQ1">None</span></span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾ </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98E_eoef--OtherExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258450Member_fKDEpKDIp_zQoB2neJnoEj" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾ </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98A_eoef--ExpensesOverAssets_iT_dp_c20250826__20250826__oef--ClassAxis__custom--C000258450Member_fKDEpKDMp_zTDrL8dyguf" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F01_zaN73TzfgeGb">(1)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zJVjBrbDVrp7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F04_zyihH1jxggLj">(2)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zdDjA6la8ref" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000091055Member_zzE6pfpF7dPb">Based on estimated amounts for the current fiscal year, including broker expenses.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zzubuvyzstAj">(3)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zOxxZn4CxNOd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year, including broker expenses. Expense Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zJIN7366DaLc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zU0jS0Kn9Jl5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zkJfpaN3xQC5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_48E_eoef--ExpenseExampleYear01_uUSD_zOCh312SVW8l" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_uUSD_z4NYJJVVhCtk" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_411_20250826__20250826__oef--ClassAxis__custom--C000258450Member_zb0o8AlZ1Y2k" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 409</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zvPmUaTY3dqd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zdaQdjv9Znyi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000091055Member_zkDBXFYeqQwl">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">JPMORGAN CHASE &amp; CO. (“JPM”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JPM is a financial holding company and a leading financial services firm based in the U.S, with operations worldwide. It is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. JPM is listed on the New York Stock Exchange. Per JPM’s most recent Form 10-K filing, the aggregate market value of JPM common stock held by non-affiliates as of June 30, 2024 was approximately $573.4 billion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JPM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by JPM pursuant to the Exchange Act can be located by reference to the SEC file number 1-5805 through the SEC’s website at www.sec.gov. In addition, information regarding JPM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of JPM or other securities of JPM. The Fund has derived all disclosures contained in this document regarding JPM from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to JPM. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding JPM is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of JPM (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning JPM could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of JPM.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, THE TRUST OR ADVISER IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH JPM OR JPMORGAN CHASE BANK<i>.</i> The Fund was not developed or created by, and is not sponsored, endorsed, or approved by JPMorgan Chase Bank.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, JPMorgan Chase Bank did not participate in the development of the Fund’s investment strategy. JPMorgan Chase Bank does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. JPMorgan Chase Bank does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by JPMorgan Chase Bank.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>An investment in the Fund is NOT an investment in JPM or in any security of JPMorgan Chase Bank.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JPM and JPMORGAN are the exclusive trademark(s) of JPMorgan Chase Bank. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, JPM is assigned to the Banks industry.</span></span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--JPMRisksMember_zJC5EBSVRrAa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JPM Risks.</b> The Fund invests in swap contracts and options that are based on the share price of JPM. This subjects the Fund to certain of the same risks as if it owned shares of JPM, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of JPM, the Fund may also be subject to the following risks:</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInJpmRiskMember_zKmI1464iqGf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in JPM Risk.</i> JPM is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of JPM but will be exposed to the performance of JPM (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--JpmTradingRiskMember_zPPUJnpN9WY8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>JPM Trading Risk.</i> The trading price of JPM may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading JPM, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence JPM’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of JPM, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--JpmPerformanceRiskMember_zkQMo2DhXBo9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>JPM Performance Risk. </i>JPM may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of JPM to decline. JPM provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance JPM provides may not ultimately be accurate. If JPM’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by JPM could decline significantly.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankingIndustryRiskMember_zfGHfOJCCFR3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Banking Industry Risk. </i>Banks depend upon being able to obtain funds at reasonable costs and upon liquidity in the capital and credit markets to finance their lending and other operations which makes banks sensitive to changes in money market and general economic conditions. When a bank’s borrowers have financial trouble, their failure to repay the bank will adversely affect the bank’s financial situation. Banks are also highly regulated. Decisions by regulators may limit the loans banks make and the interest rates and fees they charge, and may reduce a bank’s profitability. Banks may also be subject to severe price competition. Competition is high among banking companies and failure to maintain or increase market share may result in lost market value. Events involving limited liquidity, defaults, non-performance or other adverse developments that have affected the financial services industry have in the past and may in the future lead to market-wide liquidity problems, and could negatively affect the value and of Banks. For example, in March 2023, several financial institutions experienced a larger-than-expected decline in deposits and two regional banks, Silicon Valley Bank and Signature Bank, were placed into receivership. Although the Federal Reserve, the U.S. Department of Treasury, and the Federal Deposit Insurance Corporation have taken measures to stabilize the financial system, uncertainty and liquidity concerns in the broader financial services industry remains. Additionally, should there be additional systemic pressure on the financial system and capital markets, there can be no assurances of the response of any government or regulator, and any response may not be as favorable to industry participants as the measures currently being pursued.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessRisksMember_zHkzalh9jNtg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business Risks</i>. JPM faces significant risks including regulatory and compliance challenges inherent in the highly regulated financial services industry, which can lead to increased costs and operational constraints due to changes in laws, regulations, or their enforcement. Economic and market conditions—such as fluctuations in interest rates, credit spreads, and economic instability—can adversely affect the firm’s consumer and wholesale banking activities, investment positions, liquidity, and capital levels. Credit risks from adverse changes in the financial condition of clients, customers, and counterparties, as well as declines in collateral values, may result in financial losses. Operational risks, including dependence on complex systems, cybersecurity threats, and the ability to attract and retain qualified employees, pose significant challenges. Reputational risks arising from employee misconduct, compliance failures, or failure to meet stakeholder expectations—including those related to environmental, social, and governance (ESG) concerns—can impact the firm’s relationships and competitive position. Additionally, liquidity and capital risks, such as market-wide disruptions or the inability to meet regulatory capital requirements, could limit JPM’s ability to fund operations or support business activities.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z7y4yNKiM6hi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zG2sWobPyDxf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 25.71%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 29.98% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 25.25%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationOrTrackingRiskMember_zaYe5no4Dyic" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zsJwiCHH1iF9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zvtMtyQYsorf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_z3XdpohNVsod" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zwzuxZE6y6t3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zWhgarwyzlme" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zleIkT2vh1tg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zVCgzYXmGH3c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zXm2oRr1Zp61" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zUk2OHwoqZKd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zw5jmpAoyiI5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zVJbcRPoxq6d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zBGtpt5shlpd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zgYiwcWjNtfi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zxYRVr2Q7Kje" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zQNKpDbRTPV6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zJfpcOeOkJi3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zOLTUqiFeTAg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zTIrzb6VGMI9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zU35uexlWNdf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zdeBArmGMoVf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z3dxs1SBSEWc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskNondiversifiedStatusMember_zh7qv2Q2j6q8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zESmWdvUmELd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zMxBibkP9MSc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_z78Kkwag1ZQh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z92qGWJCMTOa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a Regulated Investment Company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> Performance <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zjollHqicHC6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000091055Member_zxgYjd7gJQmd">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000091055Member_zOlbn3KV6kaj">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000091055Member_zctvoY7pBht2">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000091055Member_zPWgkDjDDbfl">https://www.defianceetfs.com</span>.</span></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG PENN ETF – FUND SUMMARY Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zmiIZjPXzxHk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of PENN Entertainment, Inc. (NASDAQ: PENN). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_z3hlleHLEPM3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zOYnEGTAaDo3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zcm24m0wBCU5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" id="xdx_98B_eoef--OperatingExpensesCaption_dU_c20250826__20250826__dei--LegalEntityAxis__custom--S000091057Member_z1gf42aSJTwd" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_989_eoef--ManagementFeesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258452Member_fKDEp_ziJJsmIdu0kg" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258452Member_zLDpIDdyrbSc">None</span></span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾ </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_981_eoef--OtherExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258452Member_fKDEpKDIp_zrpJ3QRtDtJh" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾ </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_980_eoef--ExpensesOverAssets_iT_dp_c20250826__20250826__oef--ClassAxis__custom--C000258452Member_fKDEpKDMp_zHGAyfP7P2bc" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_zVCzhh4AEpUk">(1)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_z05x9SrTWdC9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zZ55dWBaYau9">(2)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zY1yj2bEtwp8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000091057Member_z3zSvkWngifb">Based on estimated amounts for the current fiscal year, including broker expenses.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F07_ztUHxEQj0Ash">(3)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_z6B4eVT9oOBe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year, including broker expenses. Expense Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zqhmVnv0bYrc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zz7wdjv8OA3l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z5Bot6cqPTb8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_uUSD_zNYKKW4b6rE6" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_uUSD_zuFJfP1OTTf8" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_418_20250826__20250826__oef--ClassAxis__custom--C000258452Member_zVuBhXAH3NR5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 409</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zDpZTb0jWX5l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zEm6qfi5Eqz4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000091057Member_zvsS6wpNrQ1c">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PENN ENTERTAINMENT, INC. (“PENN”)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PENN operates 43 properties across 20 states, offering casino gaming and online sports betting in 18 jurisdictions, as well as iCasino in five jurisdictions. The company manages brands such as Hollywood Casino®, L’Auberge®, ESPN BET™, and the Score Bet Sportsbook and Casino®. In August 2023, PENN formed a long-term alliance with ESPN focused on U.S. online sports betting. PENN integrates its digital and retail operations through its proprietary betting platform, in-house iCasino content studio, and the PENN Play™ loyalty program, which serves over 29 million members. PENN is listed on The NASDAQ Stock Market LLC. Per PENN’s most recent Form 10-K filing, the aggregate market value of the voting stock of PENN held by non-affiliates as of June 30, 2024 was $2.9 billion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PENN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by PENN pursuant to the Exchange Act can be located by reference to the SEC file number 0-24206 through the SEC’s website at www.sec.gov. In addition, information regarding PENN may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of PENN or other securities of PENN. The Fund has derived all disclosures contained in this document regarding PENN from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to PENN. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding PENN is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PENN (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning PENN could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of PENN.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH PENN ENTERTAINMENT, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, PENN ENTERTAINMENT, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, PENN Entertainment, Inc. has not participated in the development of the Fund’s investment strategy. PENN Entertainment, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. PENN Entertainment, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by PENN Entertainment, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by PENN or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, PENN is assigned to the Hotels, Restaurants &amp; Leisure industry.</span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PENNRisksMember_zulQqtembrl3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PENN Risks.</b> The Fund invests in swap contracts and options that are based on the share price of PENN. This subjects the Fund to certain of the same risks as if it owned shares of PENN, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of PENN, the Fund may also be subject to the following risks:</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInPennRiskMember_zD17nEoGqnW4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in PENN Risk.</i> PENN is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of PENN but will be exposed to the performance of PENN (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PennTradingRiskMember_zM2e5AKOEq4h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>PENN Trading Risk.</i> The trading price of PENN may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading PENN, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence PENN’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of PENN, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PennPerformanceRiskMember_zopajTSG06l8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>PENN Performance Risk. </i>PENN may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of PENN to decline. PENN provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance PENN provides may not ultimately be accurate. If PENN’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by PENN could decline significantly.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HotelsRestaurantsAndLeisureIndustryRisksMember_z83nxjOqudv4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hotels, Restaurants &amp; Leisure Industry Risks.</i> Investments in the Hotels, Restaurants, and Leisure industry are subject to a variety of risks that may adversely affect the performance of the Fund. Companies in this industry are highly sensitive to changes in consumer preferences, discretionary spending, and overall economic conditions, including employment levels, disposable income, and consumer confidence. Economic downturns, inflationary pressures, and rising interest rates can significantly reduce demand for travel, dining, and leisure activities, impacting revenue and profitability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The industry faces intense competition, with participants requiring substantial capital to maintain, improve, or expand operations. Fluctuations in labor costs, including minimum wage increases and collective bargaining activities, may result in higher operating expenses. Regulatory and compliance risks, such as health and safety standards, food safety requirements, alcohol sales regulations, and environmental laws, can impose additional costs or operational constraints. Furthermore, companies in this sector are susceptible to reputational damage from customer dissatisfaction, foodborne illnesses, or safety incidents, which could materially impact their financial condition and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The industry is also exposed to risks associated with geopolitical events, pandemics, natural disasters, and climate change, which may disrupt operations, reduce customer demand, or result in temporary closures. For companies with significant international operations, currency fluctuations, trade restrictions, and political instability may also adversely impact financial results. Additionally, technological advancements and the shift to online platforms for booking, delivery, or marketing introduce competition from non-traditional market participants, increasing pressure on traditional business models.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessRisksMember_zx34jnO6aiki" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business Risks. </i>PENN faces significant risks stemming from its reliance on discretionary consumer spending, which can be adversely affected by economic downturns, competition, and regulatory changes in the highly regulated gaming and entertainment industries. The company’s expansion into sports betting and iCasino markets, including its strategic partnership with ESPN, presents operational uncertainties, including competition, user acquisition challenges, and regulatory compliance. Additionally, PENN’s substantial debt and lease obligations heighten financial risks, while its dependence on key properties, personnel, and third-party providers exposes it to potential disruptions. Climate change, labor challenges, and intellectual property issues further compound operational risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PENN is also subject to technology and cybersecurity risks which pose additional challenges, as it relies on third-party cloud services and mobile platforms to deliver its offerings, which could be disrupted by service interruptions or data breaches. Reputational risks, including compliance failures or unmet stakeholder expectations related to environmental, social, and governance (ESG) factors, could harm the company’s competitive position. Legal and regulatory uncertainties, such as potential changes to taxation, consumer privacy laws, or smoking restrictions, along with ongoing litigation, add to the complexity of managing its operations and financial performance.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z9xchVhKHN48" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zrqAIlJ3e2Yg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 58.41%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 63.65% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 10.16%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationOrTrackingRiskMember_zBctoG50K1Jg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_znqdMA5edYx2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zhww1thGgc27" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zDyIFkjjLj7e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zirBD6NLZm9b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_ziIOyZEL0cmh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zenwlD6SSsS4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zICkxrsLSnvc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zAPHbXgsEi4b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_ztQce0gajN3j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zrIHCsxpgsVd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z8mvYbvyHki1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zA6D1SggICT7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zWljDrciVAFf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zKor9iVpqAxi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zv3vOg2kOVe1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zHFhT3Q7JZrc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zA2wdS2OI3db" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zV9Vu1FtsL86" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ztOismHkfXm8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zSZnbzy2sgg5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zSIWvoPdjoTd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskNondiversifiedStatusMember_zo8IyySZDg8i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zQCNz70BiPN5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zXBpMX6dm9d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zuuzFBalc4gk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zcbPdGfi9ot6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a Regulated Investment Company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> Performance <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zgEixnR7HHHc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000091057Member_zvZPgOUzgZa1">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000091057Member_zS4UYtxTFeBd">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000091057Member_z20G6DCu8gtj">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000091057Member_zxanpxdPB1Q5">https://www.defianceetfs.com</span>.</span></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG SOUN ETF – FUND SUMMARY Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_z9Hg43bXSL5g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of SoundHound AI, Inc. (NASDAQ: SOUN). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zBmFAiKNNeu4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zy0GYDywFHA3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zla7ol3fCGW4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" id="xdx_985_eoef--OperatingExpensesCaption_dU_c20250826__20250826__dei--LegalEntityAxis__custom--S000091050Member_zLWVtK98qKv2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_989_eoef--ManagementFeesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258445Member_fKDEp_zbtOxt1Zspf8" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258445Member_zk72TZWqhOBd">None</span></span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾ </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98D_eoef--OtherExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258445Member_fKDEpKDIp_zC71o9bYVnoh" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾ </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_988_eoef--ExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258445Member_fKDEpKDMp_zSrYViuGTwn4" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_zomiyomggAgf">(1)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zWxfJpcNVZZe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F04_zIE7SBKW1Ai">(2)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zBvSCzgXscf7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000091050Member_zezD7kDNF3C3">Based on estimated amounts for the current fiscal year, including broker expenses.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zK8yyldYvCCh">(3)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zGmKw5PKcbGj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year, including broker expenses. Expense Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zHqWQusXl1l2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zsWhj2OTVYh7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zIjBsnNQv2sj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_uUSD_zsxwdeEn8E3d" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_uUSD_zDWth8tjdf16" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr id="xdx_418_20250826__20250826__oef--ClassAxis__custom--C000258445Member_z8HAN0MiWaH2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 409</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zWnabWIjEjc7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zGpvl8rTFMU4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000091050Member_zS0mBmrw57Z2">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">SOUNDHOUND AI, INC. (“SOUN”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOUN develops proprietary conversational intelligence technology, enabling businesses to integrate voice AI into products across industries such as automotive, TV, and IoT. Its Houndify platform provides developers with access to a library of over 100 content domains, supported by patented architectures for natural language processing and machine learning. With a strong intellectual property portfolio and experienced leadership, SoundHound is positioned as a key player in the Voice AI market. SOUN is listed on The Nasdaq Stock Market LLC (“NASDAQ”). Per SOUN’s most recent Form 10-K filing, the aggregate market value of the voting stock of SOUN held by non-affiliates as of June 30, 2024 was $1.2 billion.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOUN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by SOUN pursuant to the Exchange Act can be located by reference to the SEC file number 001-40193 through the SEC’s website at www.sec.gov. In addition, information regarding SOUN may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of SOUN or other securities of SOUN. The Fund has derived all disclosures contained in this document regarding SOUN from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to SOUN. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding SOUN is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SOUN (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning SOUN could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of SOUN.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH SOUNDHOUND AI, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, SOUNDHOUND AI, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, SoundHound AI, Inc. has not participated in the development of the Fund’s investment strategy. SoundHound AI, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. SoundHound AI, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by SoundHound AI, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by SOUN or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, SOUN is assigned to the Software industry.</span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SOUNRisksMember_zJs6EupbnHhd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SOUN Risks.</b> The Fund invests in swap contracts and options that are based on the share price of SOUN. This subjects the Fund to certain of the same risks as if it owned shares of SOUN, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of SOUN, the Fund may also be subject to the following risks:</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInSounRiskMember_zcBRtXvSLdTg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in SOUN Risk.</i> SOUN is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of SOUN but will be exposed to the performance of SOUN (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SounTradingRiskMember_zJ5hxE5E51n7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SOUN Trading Risk.</i> The trading price of SOUN may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading SOUN, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence SOUN’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of SOUN, trading in shares of related funds may be impacted, either temporarily or indefinitely. In particular, SOUN recently announced a delay in the filing of its annual financial statements, related to material weaknesses in SOUN’s internal control over financial reporting. This matter may contribute to increased volatility in the trading price of SOUN, and should the financial statements not be filed within required timelines, could result in SOUN stock being delisted.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DelistingRiskMember_znMmNCfWza83" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Delisting Risk.</i> SOUN announced on March 4, 2025 that it was unable to timely file its Annual Report on Form 10-K for the period ending December 31, 2024 (the “Form 10-K”) in accordance with the required deadline under the federal securities laws. Subsequently, on March 11, 2025, SOUN filed its Form 10-K. However, there can be no assurance that SOUN will continue to meet its reporting obligations in a timely manner in the future. Any future failure to complete timely filings could result in SOUN’s stock being delisted from NASDAQ, which would prevent the Fund from continuing to operate.</span></span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SounPerformanceRiskMember_zxLvwIrsUCu4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SOUN Performance Risk. </i>SOUN may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of SOUN to decline. SOUN provides guidance regarding its expected financial and business performance, such as projections regarding sales and production. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance SOUN provides may not ultimately be accurate. If SOUN’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by SOUN could decline significantly.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRisksMember_zIdBci5TRL5d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Software Industry Risks</i>: The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessRisksMember_zBaDxcKsnO32" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business Risks. </i>SOUN faces significant risks related to its financial condition and business operations, including a history of substantial net losses and negative cash flows, with no assurance of achieving profitability. The company’s reliance on a concentrated customer base exposes it to significant revenue risks if these relationships are disrupted. Competition in the rapidly evolving Voice AI (artificial intelligence) market, regulatory and legislative developments related to the use of AI and the potential inability to attract and retain key personnel further threaten its growth and operational stability. Additionally, cybersecurity incidents, interruptions in cloud services, and challenges in complying with complex domestic and international regulations could harm its business and client relationships.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual property risks include potential claims of infringement, unauthorized use of proprietary technology, and limitations imposed by open-source software usage exposing SOUN to significant litigation or licensing expenses or being prevented from selling SOUN’s products or making SOUN’s technologies available to its customers if such claims are successful. Governance risks stem from its dual-class stock structure, which concentrates voting control with Class B shareholders, limiting the influence of Class A shareholders. These governance dynamics, coupled with limited public company experience and identified material weaknesses in internal controls, may impact investor confidence. Tax-related risks, including limitations on the use of net operating loss carryforwards, add to the uncertainty surrounding SOUN’s financial outlook.</span></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ThirdpartyRisksMember_znyYU7zMU7C1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Third-Party Risks</i>. SOUN relies on third-party telecommunications and internet service providers, including connectivity to its cloud software, and any failure by these service providers to provide reliable services could cause SOUN to lose customers and subject it to claims for credits or damages, among other things. SOUN’s customers rely on third-party telecommunications and internet service providers to provide them with access and connectivity to SOUN’s cloud software, and changes in how telecommunication and internet service providers handle and charge for access to telecommunications and the internet could materially harm SOUN’s customer relationships, business, financial condition and operations results. SOUN’s plans to expand upon and establish new public cloud-based data centers for its U.S. and international operations may be unsuccessful and may present execution and competitive risks.</span></span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zoY2KC5u3vR7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zsfIdhcKY4N3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the period of April 28, 2022 to June 30, 2025 (the maximum period available) was 140.21%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 134.12% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 7.43%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationOrTrackingRiskMember_ziWCvq9B1UJ3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zMv6Oe3oRt0d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zgKg0C9UJgv9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zjTncUKSH6zd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zPm0Hpmcdfyi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zshIkL9pA7Fh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zmstwzsaBdtd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z39KbwQFXpEj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z3N2BBxDFXoe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z1XbQxlHQE43" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zsJBC6H973O5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z6q0mO0p1bk1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zXqBlKjBKb6d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z1NUBfsSoaf1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zq1iTbzYVPr4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_z6ZVTTSGeqce" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zkhBOAUVVM5l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zoQ5WEBkqAAj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zNB5F9pFKMEd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zKuLIN4pveKc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zlHuvoivYlB7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zb7IwBzx5kfj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskNondiversifiedStatusMember_zNDdgR8wh7Re" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z8xQoZl38hik" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zr50Ngbk5tyc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_z9sjf26DRPbc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zFvHGfF2g3R4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a Regulated Investment Company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zunswuTVUrcg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000091050Member_zMZMoB7idcva">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000091050Member_zYmvYlyuySx6">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000091050Member_zs71hhYb1TE8">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000091050Member_zCnXnNLZKhs4">https://www.defianceetfs.com</span>.</span></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG MRVL ETF – FUND SUMMARY Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zh3NWGvPSBa2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Marvell Technology, Inc. (NASDAQ: MRVL). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zoDgam2UpsYc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zbqF3dXBDifa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zX4khk1b2sbi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" id="xdx_982_eoef--OperatingExpensesCaption_dU_c20250826__20250826__dei--LegalEntityAxis__custom--S000091056Member_zwu7F6Gnv1Yj" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98F_eoef--ManagementFeesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258451Member_fKDEp_zZqN0hnLDyC" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258451Member_zGN0Ftfmj1g2">None</span></span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾ </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98D_eoef--OtherExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258451Member_fKDEpKDIp_zV1cZFLqzwSl" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾ </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_987_eoef--ExpensesOverAssets_iT_dp_c20250826__20250826__oef--ClassAxis__custom--C000258451Member_fKDEpKDMp_zUgwVhDTqMYd" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F04_zFBRXPfYgqv8">(1)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zCMX6d1HffQk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zNTTE6Jl1qF7">(2)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zeUht1RhAZNa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000091056Member_z7CigvWwCHN4">Based on estimated amounts for the current fiscal year, including broker expenses.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F01_zNt5X3pnlxCj">(3)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zwa0tSTK5FJ9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year, including broker expenses. Expense Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zJxmazDMXg6a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zH5l7XVQ60Rk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zH8I18tiIQ4g" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_uUSD_zui0SPJO1B1k" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_uUSD_zrdYdufkpQok" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr id="xdx_417_20250826__20250826__oef--ClassAxis__custom--C000258451Member_z4ISXQX7VaRj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 409</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_z9eOpEx49Ixf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zmIFlvqOegRk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000091056Member_zpz7bbdmaoi3">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">MARVELL TECHNOLOGY, INC. (“MRVL”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MRVL supplies data infrastructure semiconductor solutions, specializing in high-performance standard and semi-custom products. As a fabless semiconductor provider (i.e., the company designs semiconductors but outsources the fabrication), the company focuses on complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing. Marvell’s intellectual property, system-level expertise, and advanced security firmware support the data economy across markets such as data centers, enterprise networking, carrier infrastructure, consumer electronics, and automotive/industrial applications. MRVL is listed on The Nasdaq Global Select Market (“NASDAQ”). Per MRVL’s most recent Form 10-K filing, the aggregate market value of common stock held by non-affiliates of MRVL (based on the closing price per share on NASDAQ on August 2, 2024) was approximately $51.2 billion.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MRVL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by MRVL pursuant to the Exchange Act can be located by reference to the SEC file number 001-40357 through the SEC’s website at www.sec.gov. In addition, information regarding MRVL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of MRVL or other securities of MRVL. The Fund has derived all disclosures contained in this document regarding MRVL from the publicly available documents. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to MRVL. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding MRVL is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MRVL (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning MRVL could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of MRVL.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH MARVELL TECHNOLOGY, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, MARVELL TECHNOLOGY, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Marvell Technology, Inc. has not participated in the development of the Fund’s investment strategy. Marvell Technology, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Marvell Technology, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Marvell Technology, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by MRVL or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry as that assigned to MRVL. As of the date of the Prospectus, MRVL is assigned to the Semiconductors &amp; Semiconductor Equipment industry.</span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MRVLRisksMember_zJKOcyVbuFbf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MRVL Risks.</b> The Fund invests in swap contracts and options that are based on the share price of MRVL. This subjects the Fund to certain of the same risks as if it owned shares of MRVL, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of MRVL, the Fund may also be subject to the following risks:</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInMrvlRiskMember_zA0OxylJe2ff" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in MRVL Risk.</i> MRVL is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of MRVL but will be exposed to the performance of MRVL (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MrvlTradingRiskMember_zkUIyMUs8ONi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>MRVL Trading Risk.</i> The trading price of MRVL may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading MRVL, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence MRVL’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of MRVL, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MrvlPerformanceRiskMember_zu5qoYW5Cqmc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>MRVL Performance Risk. </i>MRVL may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of MRVL to decline. MRVL provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance MRVL provides may not ultimately be accurate. If MRVL’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by MRVL could decline significantly.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsAndSemiconductorEquipmentIndustryRisksMember_zWytlkdZBzok" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Semiconductors &amp; Semiconductor Equipment Industry Risks. </i>Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor sector. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor sector is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The industry is complex and global in nature, with manufacturing plants predominantly located in East Asia. Because of this, it is subject to numerous risks, including geopolitical tensions, earthquakes, and extreme weather events. The stock prices of companies in the semiconductor sector have been and likely will continue to be extremely volatile. </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessRisksMember_zJMeXfxXKs6l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business Risks.</i> MRVL faces significant risks from macroeconomic and geopolitical factors, including economic downturns, inflation, rising interest rates, and trade restrictions with key markets such as China. Volatility in the semiconductor and technology sectors further adds to operational uncertainty, while reliance on a concentrated customer base exposes the company to potential disruptions from order cancellations or financial instability among major clients. The company’s ability to innovate in competitive markets such as 5G, cloud computing, and artificial intelligence is critical, but supply chain disruptions, including component shortages and extended lead times, could impair production and customer sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operational challenges include maintaining a competitive cost structure while relying on third-party manufacturers and managing the integration of acquisitions to achieve anticipated synergies. MRVL also faces risks from intellectual property protection, particularly in international markets, and cybersecurity threats that could disrupt operations or compromise data. Environmental and regional risks, such as climate change and natural disasters in key operational areas like Taiwan and California, as well as potential litigation and disputes over contractual obligations, could further impact the company’s financial stability and operational performance.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z2ilCG2cSWcb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zkxogs68jsG8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 56.35%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 63.08% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 17.16%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationOrTrackingRiskMember_z9PbFcc4O2Bg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zRobpvGU6yy8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zp6tx2QoQ3R4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zOlgIraDnHPg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zgetgRKJyesl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zyp0YEhH4r05" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zBQPb67jWHHk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intraday market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z84yTeaJdWR5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zXjWFUrvKGsc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zpthFxWDtRv1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zm4i60lfSnSh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zpgDrjgdz0S9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z2NlE0hnSmdc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zqE6JBpNuvLa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z4imaIPe2O6j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zN9FFnOi1ox2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z8jRv6fbFai1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zw4gpzGoXPAi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zp6TElcwPxme" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zGjd528D8Pzh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zV5b3ZxohRoa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zGWBvYrTKdQf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskNondiversifiedStatusMember_zQVI0U0SZBdg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zoxD2can2vA4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zwpNMXSw3ZDc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zMoPGaL3m3I" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zBf4PCM2n1k3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a Regulated Investment Company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> Performance <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zzRCkk97UXy" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000091056Member_zIKpw3DDJVPh">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000091056Member_z2hBsQ9YTE8k">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of broad measure of market performance.</span> <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000091056Member_z3Fwf4VpMlFd">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000091056Member_zYFUuHMa8C5c">https://www.defianceetfs.com</span>.</span></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG RGTI ETF – FUND SUMMARY Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_znvvo9TBhgrh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Rigetti Computing, Inc. (Nasdaq: RGTI). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zIPx7qbPrg4d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_z79eWPXQyUW8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zr9dOnngreK8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="5" id="xdx_98D_eoef--OperatingExpensesCaption_dU_c20250826__20250826__dei--LegalEntityAxis__custom--S000091058Member_zEHxCbV60LH9" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_980_eoef--ManagementFeesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258453Member_fKDEp_z0qu7weFtOni" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20250826__20250826__oef--ClassAxis__custom--C000258453Member_zsU4cZWpEtQj">None</span></span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾ </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_988_eoef--OtherExpensesOverAssets_dp_c20250826__20250826__oef--ClassAxis__custom--C000258453Member_fKDEpKDIp_zcueWpOrKXcb" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾ </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_98C_eoef--ExpensesOverAssets_iT_dp_c20250826__20250826__oef--ClassAxis__custom--C000258453Member_fKDEpKDMp_zwpj36ipzT63" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F07_z3AIi7ebV7lc">(1)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_z29F7TBbeNKa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zzvurSgJvLne">(2)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zHrtLbkMjKm1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000091058Member_zOJEY6i3O0rg">Based on estimated amounts for the current fiscal year, including broker expenses.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: transparent"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_zG0KxeoB9NEi">(3)</sup></span></td> <td colspan="5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zcJS8cXsC8g8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year, including broker expenses. Expense Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zJ2ImCHsmoy8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcyyP5wiq1R6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zOprMbqsRFTf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_uUSD_zGiALxDQpQ65" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_uUSD_zcxZBOJ6RIh8" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr id="xdx_41F_20250826__20250826__oef--ClassAxis__custom--C000258453Member_zGEuKayEgBu3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 8pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 8pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 409</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zzVITEjHOBh9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal period of March 31, 2025 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_pid_dp_uRatio_c20250826__20250826__dei--LegalEntityAxis__custom--S000091058Member_zRmXYEpRQNGl">273</span>% of the average value of its portfolio.</span></span></p> 2.73 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zdgRqGJcOdmd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund – Principal Investment Strategies.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000091058Member_zFiv1ogTvkbi">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">RIGETTI COMPUTING, INC. (“RGTI”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RGTI designs and develops integrated quantum computing systems and software to solve complex problems across industries such as finance, healthcare, and artificial intelligence. The company leverages its proprietary quantum processors and cloud-based platform to deliver quantum computing as a service (QCaaS) for commercial and research applications. RGTI is listed on the Nasdaq Capital Market (“Nasdaq”). Per RGTI’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common stock held by non-affiliates of RGTI (based on the closing price of its common stock on June 28, 2024 on the Nasdaq Capital Market) was approximately $166.0 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RGTI is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by RGTI pursuant to the Exchange Act can be located by reference to SEC file number 001-40140 through the SEC’s website at www.sec.gov. In addition, information regarding RGTI may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of RGTI or other securities of RGTI. The Fund has derived all disclosures contained in this document regarding RGTI from the publicly available documents. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to RGTI. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding RGTI is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RGTI (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning RGTI could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of RGTI.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH RIGETTI COMPUTING, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, RIGETTI COMPUTING, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Rigetti Computing, Inc. has not participated in the development of the Fund’s investment strategy. Rigetti Computing, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Rigetti Computing, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Rigetti Computing, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by RGTI or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry as that assigned to RGTI. As of the date of the Prospectus, RGTI is assigned to the Semiconductor &amp; Semiconductor Equipment industry.</span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RGTIRisksMember_zhYlLfn6ICG9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RGTI Risks.</b> The Fund invests in swap contracts and options that are based on the share price of RGTI. This subjects the Fund to certain of the same risks as if it owned shares of RGTI, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of RGTI, the Fund may also be subject to the following risks:</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInRgtiRiskMember_zJjg5DsHwMve" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in RGTI Risk.</i> RGTI is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of RGTI but will be exposed to the performance of RGTI (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RgtiTradingRiskMember_z7RVSPosRFe1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RGTI Trading Risk.</i> The trading price of RGTI may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading RGTI, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence RGTI’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of RGTI, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RGTIPerformanceRiskMember_zRjA5f8ZuDU9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RGTI Performance Risk. </i>RGTI may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of RGTI to decline. RGTI provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance RGTI provides may not ultimately be accurate. If RGTI’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by RGTI could decline significantly.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsAndSemiconductorEquipmentIndustryRisksMember_zyU9pqBpwhPi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Semiconductors &amp; Semiconductor Equipment Industry Risks. </i>Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor sector. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor sector is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The industry is complex and global in nature, with manufacturing plants predominantly located in East Asia. Because of this, it is subject to numerous risks, including geopolitical tensions, earthquakes, and extreme weather events. The stock prices of companies in the semiconductor sector have been and likely will continue to be extremely volatile.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessRisksMember_zzkDOnsVHzs8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business Risks.</i> RGTI faces significant financial and operational risks, including the need to raise additional capital when needed to sustain its research and development efforts. With a history of operating losses, limited revenue, and reliance on public sector contracts, the company is vulnerable to economic downturns, market volatility, and delays in achieving key milestones such as the commercialization of its quantum systems. Failure to scale operations or successfully integrate new technologies could further impede growth and profitability. Material weaknesses in financial reporting controls and risks associated with complex financial instruments add to potential investor concerns.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The quantum computing industry’s competitive and evolving nature presents challenges, with barriers such as the need for technological breakthroughs and dependence on cloud providers, third-party suppliers, and government contracts. RGTI’s ability to protect its intellectual property, adapt to stringent regulatory environments, and address supply chain disruptions is critical. Additional risks include international sales challenges, exposure to environmental and safety regulations, and susceptibility to litigation, cybersecurity threats, and product liability claims. These factors, alongside the nascent stage of the quantum computing industry, pose significant uncertainties for the company’s long-term success. </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentratedCustomerBaseRiskMember_zshyh1HCstNe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentrated Customer Base Risk</i>. RGTI depends on a limited number of customers for a significant percentage of its revenue and the loss or temporary loss of a major customer for any reason could harm its financial condition. Further, a significant portion of RGTI’s revenue depends on contracts with the public sector, and RGTI’s failure to receive and maintain government contracts or changes in the contracting or fiscal policies of the public sector could have a material adverse effect on its business.</span></span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ThirdpartyRiskMember_zPrSDhY7nA9l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Third-Party Risk</i>. RGTI’s business is currently dependent upon RGTI’s relationship with RGTI’s cloud providers. There are no assurances that RGTI will be able to commercialize quantum computers from RGTI’s relationships with cloud providers. RGTI relies on access to high performance third party classical computing through public clouds, high performance computing centres and on-premises computing infrastructure to deliver performant quantum solutions to customers. RGTI may not be able to maintain high quality business relationships and connectivity with these resources which could make it harder for it to reach customers or deliver solutions in a cost-effective manner. RGTI depends on certain suppliers to source products. Failure to maintain RGTI’s relationship with any of these suppliers could have a material adverse effect on RGTI’s business. RGTI has and may in the future enter into collaboration agreements and similar arrangements with third parties for the manufacturing of RGTI’s products, and these arrangements may never achieve their goals.</span></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zvcYN6t6eoqa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zB7vZrA8v10h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the period of April 23, 2021 to June 30, 2025 (the maximum period available) was 128.30%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 142.06% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 13.99%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationOrTrackingRiskMember_zhPWuDRLA2Kb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zjPDmjJK9YE4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zmWFziOfv4tf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zv8RFT6i4PG1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zhP2JFnVB4Dg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zfKmJZoj2J62" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zk0coGw3A3Be" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zoIwvmNCXelh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z25Aw5P9WR26" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zZncp6CxVrA4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z30Pcp8bzUvg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zDRFVhnP7Tma" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zyvTy0gvdtcg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zuGj8GTIu0aj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zuXETFzJg2X7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zsO7FUrxK5Lb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z4PKb40dXYbc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zNemTHmykHtc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z2gvGNOc1rtb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z4uK9qxas5nj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zH2LKItsvxt2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zpKW91OmaIG" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions.</span></span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskNondiversifiedStatusMember_zBiGLT2PONkk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zIPqDMRjc2Ak" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zTv6IevIgfoj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zkZEQFXWe8pg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zlTqDPLhAqc8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a Regulated Investment Company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zwpfj01V0JI9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000091058Member_zRz7EaySOlnb">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000091058Member_z9x7iuBXVWic">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000091058Member_zGi8XSHgFmC8">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000091058Member_zDkCWU5ItDL6">https://www.defianceetfs.com</span>.</span></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG SOFI ETF – FUND SUMMARY           Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zVortBXPooM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of SoFi Technologies, Inc. (Nasdaq: SOFI). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zjwT10NGx3E7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zHOweHeZhkha"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z0b9LPn6pL7b" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" id="xdx_982_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000089804Member_zamlKXCcMTd" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_491_20250826__20250826__oef--ClassAxis__custom--C000256584Member_zdV3wa09XIh5" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <sup id="xdx_F5B_ztM66UM9F3Ig" style="display: none; visibility: hidden">1</sup></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zqm4fbojXwx1" style="vertical-align: bottom"> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_z6vUxFR2m2Z7" style="vertical-align: bottom"> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zXJHy8nfU3la" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4C_znzhcbc68OPd">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zbER2nOgaqt6" style="vertical-align: bottom"> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F46_zhqGT6TjIvVf">(3)</sup></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td style="border-bottom: black 2.25pt double"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></p></td></tr> <tr style="vertical-align: top; background-color: transparent"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zYRIcvdAEXTh">(1)</sup></span></td> <td colspan="5" style="text-align: justify"><span id="xdx_F11_zZ1YdepiB385" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top; background-color: transparent"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_zEd1ZwEmpwaa">(2)</sup></span></td> <td colspan="5" style="text-align: justify"><span id="xdx_F16_z6ptjXRtPqjl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000089804Member_zkL3OIbw2Wn2">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top; background-color: transparent"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_zDVsKiY9R22a">(3)</sup></span></td> <td colspan="5" style="text-align: justify"><span id="xdx_F15_zNN7SjRtfIFe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zzRsh6W0RpQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zX6KpAsF4vua"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z2BB9G0BVw2l" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zDfWrrFUNbD7" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zKOE2u2NO7A4" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_41C_20250826__20250826__oef--ClassAxis__custom--C000256584Member_zobzFzWuMGX4"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$409</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zI0i8wspzCXc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of January 15, 2025 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20250826__20250826__dei--LegalEntityAxis__custom--S000089804Member_zjl9qewA2PMh">458%</span> of the average value of its portfolio.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4.58 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zOUhOYEgXMDb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000089804Member_zAh5LnfSnzZ5">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">SoFi Technologies, Inc. (“SOFI”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SoFi Technologies, Inc. provides various financial services in the United States, Latin America, and Canada. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money. SOFI is listed on Nasdaq. Per SOFI’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common equity of SOFI held by non-affiliates as of June 30, 2024 was $6.7 billion. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOFI is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by SOFI pursuant to the Exchange Act can be located by reference to the SEC file number 001-39606 through the SEC’s website at www.sec.gov. In addition, information regarding SOFI may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of SOFI or other securities of SoFi Technologies, Inc. The Fund has derived all disclosures contained in this document regarding SOFI from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to SOFI. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding SOFI is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SOFI (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning SOFI could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of SOFI.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH SOFI TECHNOLOGIES, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, SOFI TECHNOLOGIES, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, SoFi Technologies, Inc. has not participated in the development of the Fund’s investment strategy. SoFi Technologies, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. SoFi Technologies Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by SoFi Technologies, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by SOFI or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, SOFI is assigned to the consumer finance industry.</span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SofiRisksMember_zTreh3uehgyj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SOFI Risks.</b> The Fund invests in swap contracts and options that are based on the share price of SOFI. This subjects the Fund to certain of the same risks as if it owned shares of SOFI, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of SOFI, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInSofiRiskMember_zMLAkMMGilUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in SOFI Risk.</i> SOFI is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of SOFI but will be exposed to the performance of SOFI (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SofiTradingRiskMember_zB8GRTpv9adh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SOFI Trading Risk.</i> The trading price of SOFI may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading SOFI, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence SOFI’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of SOFI, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SofiPerformanceRiskMember_zfaJAEdwGW59" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SOFI Performance Risk. </i>SOFI may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of SOFI to decline. SOFI provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance SOFI provides may not ultimately be accurate. If SOFI’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by SOFI could decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerFinanceIndustryRisksMember_zLJj95Wg1Ns3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Consumer Finance Industry Risks</i>: The consumer finance industry can be significantly affected by changing economic conditions, demand for consumer loans, and refinancing activity. Profitability can be largely dependent on the availability and cost of capital and the rate of consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the consumer finance industry. Companies in the consumer finance industry are subject to extensive government regulation, which can change frequently and may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain, or may affect them in other ways that are unforeseeable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zRtldOeVth5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest Rate Risks. </i>SOFI’s business is sensitive to interest rates and interest rates are highly sensitive to many factors that are beyond SOFI’s control, including global, domestic and local economic conditions and the policies of various governmental and regulatory agencies and, in particular, the Federal Reserve. SOFI is unable to predict future changes in interest rates. Changes to prevailing interest rates could influence not only the interest SOFI receives on loans and investments and the amount of interest it pays on deposits and borrowings, but could also affect (i) SOFI’s ability to originate loans at competitive rates and obtain deposits; (ii) the fair value of SOFI’s financial assets and liabilities; (iii) the average duration of SOFI’s loan portfolios and other interest-earning assets; (iv) the mix of lending products SOFI originates which is influenced by demand for refinancing products; and (v) the competition faced by its SoFi Money deposit product from other investment products which may become more attractive as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRisksMember_zGDNuH0JQOJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intellectual Property Risks</i>: SOFI’s ability to provide products and services to its members and technology platform clients depends, in part, upon its proprietary technology. SOFI may be unable to protect its proprietary technology effectively, which would allow competitors to duplicate its business processes and know-how, and adversely affect its ability to compete with them. A third party may attempt to reverse engineer or otherwise obtain and use SOFI’s proprietary technology without its consent. The pursuit of a claim against a third party for infringement of intellectual property could be costly, and there can be no guarantee that any such efforts would be successful.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsRisksMember_z1vyyQSSPJa6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operations Risks</i>: Failure, inadequacy, breach of, or unauthorized access to, SOFI’s IT systems or those of SOFI’s third-party service providers, unauthorized access to SOFI’s confidential information, or violations of data protection laws, could each result in material harm to SOFI’s business and reputation. SOFI’s use of artificial intelligence or other emerging technologies could adversely impact SOFI’s business and financial results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternationalBusinessRisksMember_z3CM8A5h5Ggh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>International Business Risks</i>: If SOFI fails to deploy or manage its operations successfully in international markets, its business and operations may suffer. In addition, SOFI is subject to a variety of risks inherent in doing business internationally, including risks related to government regulation, political, social and/or economic instability or military conflict, higher levels of credit risk and fraud, fluctuations in currency exchange rates and global market volatility, among others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zdYVulqziKi2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zOJkwoTL6xNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the period of November 30, 2020 to June 30, 2025 (the maximum period available) was 71.87%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 84.35% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 15.79%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zlLbd484Lt29" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zZ4MduY1ATq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z9xZz0XsPu6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zNfhsQZNuS77" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zbHed6NeKdQd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zr2uuyKU3bue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zbgwL7zX7Tnb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zfLZlkRGsaS7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zx9ute98ydce" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_z5c1b8Nflnv" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zn37Q0M4BBKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z5fgLRSA7yEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zitGVNcNwzC6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zXgF3bCuRSF4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zRXS8pXH7h12" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zziT960Xl91f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zTOzeeJvlvT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zGgKJjNq7uAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zcXw5ufElwN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_z3aDO0T8sZ19" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zVdV4Q8U5Qk6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zAftYpjh23ci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z4WMfzvSsH3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zMYLZPn6blS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zaRdqW6r1qBi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zLnX1nNZBmdf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zxE3CCr6LEEb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zc4ptdo3kPY4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000089804Member_zmp8uwxXaZ89">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000089804Member_z1lceWpPlL5k">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000089804Member_zhoPRj8Je7i1">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000089804Member_zsuFWPTppGz">https://www.defianceetfs.com</span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG AMAT ETF – FUND SUMMARY           Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_z9hKxYYKJRre" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Applied Materials, Inc. (Nasdaq: AMAT). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zRvY6QuOc5X7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zugp3d7FcBga"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zIYhP8xAqkug" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_981_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000089799Member_zSXyTt4Ncezf" style="border-bottom: black 1pt solid; width: 87%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_498_20250826__20250826__dei--LegalEntityAxis__custom--S000089799Member_zqvNFCnCs4Oa" style="border-bottom: black 1pt solid; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <sup id="xdx_F56_zWvguxtYSPs1" style="display: none; visibility: hidden">1</sup></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_zMQTNBgvjZtb" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zEHnWhxe4tI7" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dpn_zXgF5LQDm3s4" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F46_zOKHx3tfgoga">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zdYtEuMXzfIg" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F40_zPveMhFILo35">(3)</sup></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F01_zjX2O0dIbF8i">(1)</sup></span></td> <td style="text-align: justify; width: 97%"><span id="xdx_F10_zqCrMA6tTEE" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zcZ5nNg7qB93">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1C_zoJhKJkCuZQ3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000089799Member_zj8cPDOA4Xzb">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_zD1zAJuvyjjb">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F16_zk2eoBkLHMBa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zDeaOBXXXxJ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgbqJMAR3nSj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zTmBiyVBhL" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zcRoGWDgvcjh" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zjEaypdiQzC2" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_413_20250826__20250826__oef--ClassAxis__custom--C000256579Member_zmfUfWUPBB9k"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$409</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zbT9JDz4R2p2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zUP9EkfhbEXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000089799Member_zD9PVtssrc2j">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Applied Materials, Inc. (“AMAT”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applied Materials, Inc. engages in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries. The company operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. AMAT is listed on Nasdaq. Per AMAT’s most recent Form 10-K filing, the aggregate market value of the voting stock of AMAT held by non-affiliates as of April 28, 2024 was $167.9 billion.  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMAT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by AMAT pursuant to the Exchange Act can be located by reference to the SEC file number 000-06920 through the SEC’s website at www.sec.gov. In addition, information regarding AMAT may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of AMAT or other securities of Applied Materials, Inc. The Fund has derived all disclosures contained in this document regarding AMAT from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to AMAT. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding AMAT is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of AMAT (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning AMAT could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of AMAT.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH APPLIED MATERIALS, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, APPLIED MATERIALS, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Applied Materials, Inc. has not participated in the development of the Fund’s investment strategy. Applied Materials, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Applied Materials, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Applied Materials, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by AMAT or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, AMAT is assigned to the semiconductors and semiconductors equipment   industry.</span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmatRisksMember_zDvKTRCZeDf4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AMAT Risks.</b> The Fund invests in swap contracts and options that are based on the share price of AMAT. This subjects the Fund to certain of the same risks as if it owned shares of AMAT, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of AMAT, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInAmatRiskMember_zbYPuryG9uuj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in AMAT Risk.</i> AMAT is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of AMAT but will be exposed to the performance of AMAT (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmatTradingRiskMember_znVUrvHGXCBd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>AMAT Trading Risk.</i> The trading price of AMAT may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading AMAT, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence AMAT’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of AMAT, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AMATPerformanceRiskMember_zOVQtaFRsIhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>AMAT Performance Risk. </i>AMAT may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of AMAT to decline. AMAT provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance AMAT provides may not ultimately be accurate. If AMAT’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by AMAT could decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorIndustryRisksMember_zfPhrAhS9P3l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Semiconductor Industry Risks</i>: Semiconductor companies may face intense competition, both domestically and internationally, 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 and display and related industries have historically been cyclical and are subject to volatility in customer demand.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRisksMember_zIWEOaZhwRcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intellectual Property Risks</i>: AMAT’s success depends on the protection of its technology using patents, trade secrets, copyrights and other intellectual property rights. Infringement or misappropriation of AMAT’s intellectual property rights, such as the manufacture or sale of equipment or spare parts that use AMAT’s technology without authorization, could result in uncompensated lost market and revenue opportunities. Monitoring and detecting any unauthorized access, use or disclosure of AMAT’s intellectual property is difficult and costly and AMAT cannot be certain that the protective measures it has implemented will completely prevent misuse. AMAT’s ability to enforce its intellectual property rights is subject to litigation risks and uncertainty as to the protection and enforceability of those rights in some countries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsRisksMember_zRLVRStLUQx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operations Risks</i>: In the conduct of its business, AMAT collects, uses, transmits, stores, and otherwise processes data using information technology systems, including systems owned and maintained by AMAT or third-party providers. These data include confidential information and intellectual property belonging to AMAT or its customers or other business partners, and personal information of individuals. All information technology systems are subject to disruptions, outages, failures, and security breaches or incidents. AMAT and its third-party providers have experienced, and expect to continue to experience, cybersecurity incidents. Cybersecurity incidents may range from employee or contractor error or misuse or unauthorized use of information technology systems or confidential information, to individual attempts to gain unauthorized access to these information systems, to sophisticated cybersecurity attacks, known as advanced persistent threats, any of which may target AMAT directly or indirectly through its third-party providers and global supply chain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentratedCustomerBaseRisksMember_zPHPEtVUq6p7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentrated Customer Base Risks: </i>A relatively limited number of customers account for a substantial portion of AMAT’s business. AMAT’s customer base is geographically concentrated, particularly in China, Taiwan, Korea and Japan. As a result, the actions of even a single customer or export regulations that apply to customers in certain countries, such as those in China, have exposed and can further expose AMAT’s business and operating results to greater volatility.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternationalBusinessRisksMember_zXYDSIScjwQf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>International Business Risks</i>: Uncertain or adverse economic and business conditions, including uncertainties and volatility in the financial markets, national debt, fiscal or monetary concerns, rising inflation and interest rates, bank failures, and economic recession, could materially and adversely impact AMAT’s operating results. Markets for semiconductors and displays depend largely on business and consumer spending and demand for electronic products. Uncertain or adverse economic and business conditions could result in decreases in consumer spending and demand. Decreases in spending and demand have caused, and may in the future cause, AMAT’s customers to push out, cancel or refrain from purchasing its equipment or services, which could negatively impact demand for its products and services, reduce its backlog, increase its inventory, and materially and adversely impact its operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zaLp2ZUVlXTk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zcMFqedLV2C5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 43.06%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 49.53% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 24.81%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zUcW3QZhGTE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zSvG1FDUMMxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zcLBxEccnD0k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zo1od6PPpRwg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z88oQT9OnBvh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z97iyKMw3wyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zPkGVt3Q8gP7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zAtL77Pagrj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zkFcQSTFuAA9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zxg054ExOWck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_znNAlKhtIeid" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zGDNeluOOi7b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zrh8n9TC9QF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_z9vdtWhoWgf2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zFUThnKVO7k2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),  and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zDjfy1K116P1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zCbboWfYWwa8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zFJS5in0kX3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zxaYKq1vksl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_zi6aH6j3Lgxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zmBdCj3Bexw8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zdnbl1aoW9ec" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zcd4M7sBHXvc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zkZsPfnwLAPe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zMUXmiArdf0e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zlaXa5x6Lfx" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zRz4jsAh2ydb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zP8OZyU8cy02" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000089799Member_z519CpELXIHf">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000089799Member_z0GvLRSdhdA4">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000089799Member_zWFHqCI4bzT8">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000089799Member_zvRjew8ZIBs9">https://www.defianceetfs.com</span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG GOLD ETF – FUND SUMMARY           Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zAz3pAlGonUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Barrick Mining Corporation (NYSE: B). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_z2S1Ltw1k892" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_z6QI6lYZ9fHd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zHMoiUdeniFl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_989_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000089802Member_zT72lMLDRTT1" style="border-bottom: black 1pt solid; width: 87%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49B_20250826__20250826__oef--ClassAxis__custom--C000256582Member_zyyKheyuDAF8" style="border-bottom: black 1pt solid; width: 10%"><sup id="xdx_F50_zn5rqrACwS1e" style="display: none; visibility: hidden">1</sup><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z5RKr3HpQgL9" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zivdprqMvOke" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zCDR7vNowm8d" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4E_zaLSwCR0sZW4">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zTifViYXOgog" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F44_z7XMCycGmd8a">(3)</sup></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zShtz6hDyRPa">(1)</sup></span></td> <td style="text-align: justify; width: 97%"><span id="xdx_F12_z0QTqKPRUXzf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F00_zCeI7IcS0QYg">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1E_zTdjzmtQP6Eg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000089802Member_zRwcoYhN89d5">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zqivxmcSQty8">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1F_z72nZJq4ZGP3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zlUMBTBczINe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2JG7QJN9Lm7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zTsQFwV5TUzj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zgKegCZPDrw4" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zarvEVk3tv0l" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_410_20250826__20250826__oef--ClassAxis__custom--C000256582Member_zjt2Fxp7UDE"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$409</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_z9txaM6ZNEhe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zi8oZO1Ok3mk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000089802Member_zgxBoUzbdvqe">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Barrick Mining Corporation (NYSE: B)</span></b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barrick Mining Corporation is a Canadian company that engages in the exploration, mine development, production, and sale of gold and copper properties in Canada and internationally. The company also explores and sells silver and energy materials. B is listed on the New York Stock Exchange (“NYSE”). Per B’s most recent Form 40-F filing, the number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2024 was 1,727,100,407 Common Shares.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by B pursuant to the Exchange Act can be located by reference to the SEC file number 1-9059 through the SEC’s website at www.sec.gov. In addition, information regarding B may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of B or other securities of Barrick Mining Corporation. The Fund has derived all disclosures contained in this document regarding B from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to B. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding B is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of B (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning B could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of B.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH BARRICK MINING CORPORATION. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, BARRICK MINING CORPORATION.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Barrick Mining Corporation has not participated in the development of the Fund’s investment strategy. Barrick Mining Corporation does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Barrick Mining Corporation does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Barrick Mining Corporation.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by B or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, B is assigned to the metals and mining industry.</span></span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--BRisksMember_zPuZf3OqTHg8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B Risks.</b> The Fund invests in swap contracts and options that are based on the share price of B. This subjects the Fund to certain of the same risks as if it owned shares of B, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of GOLD, the Fund may also be subject to the following risks:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInBRiskMember_z5sPAvKQvbCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in B Risk.</i> B is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of B but will be exposed to the performance of B (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--BTradingRiskMember_zSwDsScEZ0yg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B Trading Risk.</i> The trading price of B may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading B, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence B’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of B, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--BPerformanceRiskMember_zQHIZLJ2f5Kk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B Performance Risk. </i>B may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of B to decline. B provides guidance regarding its expected financial and business performance, such as projections regarding sales and production. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance B provides may not ultimately be accurate. If B’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by B could decline significantly.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MetalsAndMiningIndustryRisksMember_zu3merElxfO6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Metals and Mining Industry Risks</i>: Companies in the metals and mining industry are susceptible to fluctuations in worldwide metal prices and extraction and production costs. In addition, metals and mining companies may have significant operations in areas at risk for social and political unrest, security concerns and environmental damage. These companies may also be at risk for increased government regulation and intervention. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Risks of metals and mining investments include: changes in international monetary policies or economic and political conditions that can affect the supply of precious metals and consequently the value of metals and mining company investments; the United States or foreign governments may pass laws or regulations limiting metals investments for strategic or other policy reasons; and increased environmental or labor costs may depress the value of metals and mining investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ResourcesRiskMember_zDb6g4tWurHh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Resources Risk. </i>B faces the risk that it is unable to discover or acquire new resources or that it does not convert resources into production. Uncertainty related to its current pipeline of organic projects, minesite expansion opportunities and other opportunities exists (potentially both favorable and unfavorable) due to the speculative nature of mineral exploration and development as well as the potential for increased costs, delays, suspensions and technical challenges associated with the construction of capital projects.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsRisksMember_zF7siy7rrVAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operations Risks</i>: Geopolitical risks such as resource nationalism and incidents of corruption are inherent in the business of a company operating globally. Past environmental incidents in the extractive industry highlight the hazards (e.g., water management, tailings storage facilities, etc.) and the potential consequences to the environment, community health and safety. B’s failure to maintain compliance with regulatory and community obligations in order to protect the environment and its host communities could have negative impact on the share price of B.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialPositionRisksMember_za1rJzui7pOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial Position Risks</i>: B’s outstanding debt balances impact liquidity through scheduled interest and principal repayments and the results of leverage ratio calculations, which could influence its investment grade credit ratings and ability to access capital markets. In addition, B’s ability to draw on its credit facility is subject to meeting its covenants. B’s primary source of liquidity is its operating cash flow, which is dependent on the ability of its operations to deliver projected future cash flows. The ability of B’s operations to deliver projected future cash flows, as well as future changes in gold and copper market prices, either favorable or unfavorable, will continue to have a material impact on B’s cash flow and liquidity.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignIssuerRiskMember_zIpHgHV6o2ck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign Issuer Risk: </i>B is a Canadian company. Because the Fund has indirect exposure to a foreign company, the Fund may be subject to risks associated with foreign investments.</span></span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zbxQlEXBblW4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Currency Risk</i>: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.</span></span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zgXr3ffVMEVh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign Securities Risk:</i> Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.</span></span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zOvIuzyHFYIk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zWJ5BRMHpgQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 34.03%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 35.97% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 37.18%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zPfNrc1uQZ34" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zYgeVT98iWYd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zDe1FBZFRqRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_z4JzPget26Tj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z8nzXcEOjPdj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zunHymYhevfg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zTzpS1aHPYjh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z9vMCPONzhri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z0ACk19iUFw" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zGQ5qHR9Ha9e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zPPLJroAt0oi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zKx3k74LLEWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zscKdS9Yyck3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zGvVTiNk7sI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zAOUMXDSOPs5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zkzHC2Fsp2I9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zrkor2oPC3L4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign market</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zwcbofFsxfg7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zeOvf2LJZ9m7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_zbdy7Omxeqrf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zLroalsjEsXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zg4I3yAdL8xg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z5C6hZEYdg7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z4jYFcZslLJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zYaAaeBlfTR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zDp4Gn3wTDJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zguoccdXrXfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zWaNb2pZoPk2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000089802Member_zklxTamzY23i">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000089802Member_zbSNUPN40DUi">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000089802Member_zjMjXkP930i2">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000089802Member_z9fENJHL5SF4">https://www.defianceetfs.com</span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG ORCL ETF – FUND SUMMARY           Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zSXeQCUlAEac" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Oracle Corporation (NYSE: ORCL). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zcJqozhlmyK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_z2LzNIlmbPR5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zGgGUitjgLud" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_987_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000089803Member_znT4pRkXu35a" style="border-bottom: black 1pt solid; width: 87%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_492_20250826__20250826__oef--ClassAxis__custom--C000256583Member_zegszrFpGKtd" style="border-bottom: black 1pt solid; width: 10%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <sup id="xdx_F5C_zpHVv6dG2oDi" style="display: none; visibility: hidden">1</sup></span></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zYI1E6nqb8pi" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zuYV1zyXaSNe" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zlMlKbTNlLub" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses (includes interest expense)<sup id="xdx_F41_zrHosfpxka14">(2)</sup></span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.07</span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_z1kT4gEv5x2c" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F40_zAkEwedtrQQ3">(3)</sup></span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.36</span></span></td> <td style="border-bottom: black 2.25pt double"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zvUgIRgllh7a">(1)</sup></span></td> <td style="text-align: justify; width: 97%"><span id="xdx_F11_zT5jrYHXHQza" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_zVjh47SbC3Nk">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F11_zJlejwccjsu5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000089803Member_zNbfDJjtQgpj">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zYKEHqCxJn7k">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1E_zrtzKHJivmVe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0007 0.0136 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zrHX01I72xNg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJVwxwk8sdu5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_ztpYIhJVnJ1k" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_zXjp8SM3790i" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zd8BUZpIWnD5" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr id="xdx_413_20250826__20250826__oef--ClassAxis__custom--C000256583Member_zM5rSxJovGY8"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$138</span></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$431</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 138 431 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_z6z2Go1Q3ooh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of February 6, 2025 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90F_eoef--PortfolioTurnoverRate_c20250826__20250826__dei--LegalEntityAxis__custom--S000089803Member_zjM1853bO96b">541%</span> of the average value of its portfolio.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 5.41 Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zLLDfOkLyiQe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000089803Member_zg022meLtrKj">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Oracle Corporation (“ORCL”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oracle Corporation offers a collection of cloud technologies, applications, databases, storage and servers to empower modern business. ORCL is listed on the New York Stock Exchange (“NYSE”). Per ORCL’s most recent Form 10-K filing, the aggregate market value of the voting stock held by non-affiliates of ORCL was $305.8 billion based on the number of shares held by non-affiliates of ORCL as of May 31, 2025, and based on the closing sale price of common stock as reported by the NYSE on November 30, 2024, which is the last business day of ORCL’s most recently completed second fiscal quarter.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ORCL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by ORCL pursuant to the Exchange Act can be located by reference to the SEC file number 001-35992 through the SEC’s website at www.sec.gov. In addition, information regarding ORCL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of ORCL or other securities of Oracle Corporation. The Fund has derived all disclosures contained in this document regarding ORCL from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to ORCL. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding ORCL is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ORCL (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning ORCL could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of ORCL.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH ORACLE CORPORATION. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, ORACLE CORPORATION.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Oracle Corporation has not participated in the development of the Fund’s investment strategy. Oracle Corporation does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Oracle Corporation does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Oracle Corporation.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by ORCL or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, ORCL is assigned to the software industry.</span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OrclRisksMember_zLTlYR8Qh5wg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ORCL Risks.</b> The Fund invests in swap contracts and options that are based on the share price of ORCL. This subjects the Fund to certain of the same risks as if it owned shares of ORCL, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of ORCL, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInOrclRiskMember_zfkvzVPsy9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in ORCL Risk.</i> ORCL is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of ORCL but will be exposed to the performance of ORCL (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OrclTradingRiskMember_zNT09DUgEfY5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ORCL Trading Risk.</i> The trading price of ORCL may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading ORCL, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence ORCL’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of ORCL, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ORCLPerformanceRiskMember_zYlx1z4Z1yyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ORCL Performance Risk. </i>ORCL may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of ORCL to decline. ORCL provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance ORCL provides may not ultimately be accurate. If ORCL’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by ORCL could decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRiskMember_z3Bc8sAIfaZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Software Industry Risk. </i>The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsAndBusinessRisksMember_ze9kH3PjWiNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operations and Business Risks. </i>ORCL may be unsuccessful in developing and selling new products and services, integrating acquired products and services and enhancing its existing products and services. ORCL’s industry is characterized by rapid technological advances, intense competition, changing delivery models, evolving standards in communications infrastructure, increasingly sophisticated customer needs and frequent new product introductions and enhancements. If ORCL is unable to develop new or sufficiently differentiated products and services, enhance and improve its product offerings and support services in a timely manner or position and price its products and services to meet demand, customers may not purchase or subscribe to ORCL’s license, hardware or cloud offerings or renew license support, hardware support or cloud subscriptions contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DataSecurityRisksMember_zaUA3HUVPKhg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Data Security Risks. </i>If ORCL’s security measures for its products and services are compromised and as a result, its data, its customers’ data or its IT systems are accessed improperly, made unavailable, or improperly modified, ORCL’s products and services may be perceived as vulnerable, its brand and reputation could be damaged, the IT services ORCL provides to its customers could be disrupted, and customers may stop using ORCL’s products and services, any of which could reduce ORCL’s revenue and earnings, increase its expenses and expose it to legal claims and regulatory actions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRisksMember_zlKEa5TtumH8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intellectual Property Risks. </i>ORCL relies on copyright, trademark, patent and trade secret laws, confidentiality procedures, controls and contractual commitments to protect its intellectual property. Despite ORCL’s efforts, these protections may be limited. Unauthorized third parties may try to copy or reverse engineer ORCL products or otherwise use its intellectual property. ORCL patents may be invalidated or circumvented. Any of ORCL’s pending or future patent applications may not be issued with the claim scope it seeks, if at all. In addition, the laws of some countries do not provide the same level of intellectual property protection as U.S. laws and courts. If ORCL cannot protect its intellectual property against unauthorized copying or use, or other misappropriation, ORCL may not remain competitive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LitigationRiskMember_zJdfqiAlpA9h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Litigation Risk</i>. ORCL is subject to various legal proceedings. Litigation can be lengthy, expensive and disruptive to ORCL’s operations, and can divert ORCL’s management’s attention away from running its core business. The results of ORCL’s litigation also cannot be predicted with certainty. Even favorable judgments have been, and may in the future be, subject to appeals leading to protracted litigation, additional costs and the prospect that ORCL’s desired outcome will be overturned. An adverse decision could result in monetary damages or injunctive relief that could affect ORCL’s business, operating results or financial condition.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zrRWVhi3rJh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zJUEbgQpFIMf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 32.46%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 43.78% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 31.66%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_z26myTCX26E7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zdZtYeI5la45" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zt3FPNZilsvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zDFyGZ1q8nYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_ztAtCUC5stOi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zAlVl2rKLaC3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zDRfDJzXmPci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zGi56oYKQlzj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zCMXTFS4Xlfe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zoKKEy9xW75i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z3Y0paWCVNJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zy6q0qjFTzX7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zhZbqFBLa4z7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zq22YMqCLnB9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zChV4qCJROge" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),  and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ze5lzAjeb2z8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zhIL91RD2MWf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zxwrDXWiScVd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zLDQyldnYuwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_z8rVVLAx8Jzl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zuPBvFluXeze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zbXYxhDN2tkg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zN9PbDsQSdk7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zdubSEhsHTx7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z4bukbOUrYPk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_z3qirV8Hs8m" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zQCAQuOb5bFb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zGfDUc0NpVf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000089803Member_zegin9CWrEB6">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000089803Member_zbIIhrzoq0U">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000089803Member_zLzfElRAhW17">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000089803Member_z9H6MEoAtych">https://www.defianceetfs.com</span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG FSLR ETF – FUND SUMMARY           Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zumGhmtQFVdh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of First Solar, Inc. (Nasdaq: FSLR). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zdzDhgWhnQa4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zBDXl1eyxaSk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zKCIwRqyKfP3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98F_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000089801Member_zqINdUTB4Uo7" style="border-bottom: black 1pt solid; width: 87%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_498_20250826__20250826__oef--ClassAxis__custom--C000256581Member_zWB9ymiJt1E3" style="border-bottom: black 1pt solid; width: 10%"><sup id="xdx_F53_zQtD1IJ8C6Pk" style="display: none; visibility: hidden">1</sup><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zXPVV14SBynd" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zRRGOkYjlSOi" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_z12oTaavGhzl" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F44_zxen6YvhXZF1">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zRL7nokKBpyg" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4F_zm0g2LfE1aqe">(3)</sup></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_z2ZNcvRukzyj">(1)</sup></span></td> <td style="text-align: justify; width: 97%"><span id="xdx_F10_zHnwVY9t6IXb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zipd20s5GpQh">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1C_zTCRl5VihIpd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000089801Member_zd4G8w9G0qMc">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F00_zc6aOaemqGq">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F18_zdpEnnjd4kr2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zo8S57yel4U5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zx14caiEiiBd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zgOJ5z3abqc8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_zwuCk9RZdlnh" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zxZxpjtBax16" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_419_20250826__20250826__oef--ClassAxis__custom--C000256581Member_zRgYjStzZ417"> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></td> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$409</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_ziCgGOased0e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zlMa5unl4OZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000089801Member_zLCF94pQJ60b">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">First Solar, Inc. (“FSLR”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Solar, Inc. is a provider of solar photovoltaic (PV) systems. It designs, manufactures and sells PV solar modules. First Solar, Inc. also offers solar PV power systems, and operational and maintenance services to system owners. FSLR is listed on Nasdaq. Per FSLR’s most recent Form 10-K filing, the aggregate market value of the registrant’s common stock held by non-affiliates of FSLR as of June 30, 2024 was approximately $24.0 billion (based on the closing price of the registrant’s common stock on that date).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSLR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by FSLR pursuant to the Exchange Act can be located by reference to the SEC file number 001-33156 through the SEC’s website at www.sec.gov. In addition, information regarding FSLR may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of FSLR or other securities of First Solar, Inc. The Fund has derived all disclosures contained in this document regarding FSLR from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to FSLR. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding FSLR is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of FSLR (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning FSLR could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of FSLR.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH FIRST SOLAR, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, FIRST SOLAR, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, First Solar, Inc. has not participated in the development of the Fund’s investment strategy. First Solar, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. First Solar, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by First Solar, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by FSLR or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, FSLR is assigned to the semiconductors and semiconductors equipment industry.</span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FslrRisksMember_zMC2mHSWwRfh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FSLR Risks.</b> The Fund invests in swap contracts and options that are based on the share price of FSLR. This subjects the Fund to certain of the same risks as if it owned shares of FSLR, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of FSLR, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInFslrRiskMember_zRZrpxpX4Jaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in FSLR Risk.</i> FSLR is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of FSLR but will be exposed to the performance of FSLR (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FslrTradingRiskMember_zKLmcrdErQIe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>FSLR Trading Risk.</i> The trading price of FSLR may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading FSLR, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence FSLR’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of FSLR, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FSLRPerformanceRiskMember_zkfobYndTkn3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>FSLR Performance Risk. </i>FSLR may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of FSLR to decline. FSLR provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance FSLR provides may not ultimately be accurate. If FSLR’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by FSLR could decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorIndustryRisksMember_z0caK5HNgqmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Semiconductor Industry Risks</i>: Semiconductor companies may face intense competition, both domestically and internationally, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsAndBusinessRisksMember_zDgEA1MjUGq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operations and Business Risks</i> Competition in solar markets globally and across the solar value chain is intense and could remain that way for an extended period of time. The solar industry may experience periods of structural imbalance between global PV module supply and demand that result in periods of pricing volatility. If FSLR’s competitors reduce module pricing to levels near or below their manufacturing costs, or are able to operate at minimal or negative operating margins for sustained periods of time, or if global demand for PV modules decreases relative to installed production capacity, FSLR’s business, financial condition, and results of operations could be adversely affected. The loss of any large customers, or the inability of FSLR’s customers and counterparties to perform under their contracts with FSLR, could significantly reduce FSLR’s net sales and negatively impact FSLR’s results of operations. FSLR also faces intense competition from manufacturers of crystalline silicon solar modules; if global supply exceeds global demand, it could lead to a further reduction in the average selling price for PV solar modules, which could reduce FSLR’s net sales and adversely affect its results of operations.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRisksMember_zoJlA1XX9VYj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulatory Risks. </i>The modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax incentives, renewable energy targets, and other support for on-grid solar electricity applications, or the impact of other public policies, such as tariffs or other trade remedies imposed on solar cells and modules or related raw materials, could negatively impact demand and/or price levels for FSLR’s solar modules and limit its growth or lead to a reduction in its net sales or increase its costs, thereby adversely impacting FSLR’s operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRisksMember_zU71TlhvxNOi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intellectual Property Risks. </i>Protection of FSLR’s proprietary processes, methods, and other technology is critical to its business. Failure to protect and monitor the use of FSLR’s existing intellectual property rights or to successfully commercialize future intellectual property rights could result in the loss of valuable technologies. FSLR relies primarily on patents, trademarks, trade secrets, copyrights, and contractual restrictions to protect its intellectual property. FSLR regularly files patent applications to protect certain inventions arising from its R&amp;D and are currently pursuing such patent applications in various countries. FSLR’s existing patents and future patents could be challenged, invalidated, circumvented, or rendered unenforceable. Pending patent applications may not result in issued patents, or if patents are issued, such patents may not be sufficient to provide meaningful protection against competitors or against competitive technologies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zYCGb8RENdra" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zNHKjsjDhCLd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr> <td colspan="4" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 53.44%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 62.26% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 27.31%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_znRV7mOGtaml" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zfOu2r5Xt8Td" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z7TlfPfIO9Sg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_z8VrtuUj2Ey2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zM2Ju5LQsNL4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zmlpaMbMGxe6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zFKXG9u87wQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zXydUCepQgqj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z0qKzUY5xQ7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zoct978mj5G2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zFY9LzqUDUN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zmjrzf3H7iVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zeYEw7xrhpK3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zd6g9VQDBxFg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zKDxmva6Icz4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),   and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zUsFyaXjRROk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zvpUG57vYaX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_z49hjF5WWxJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zRE6RW23Obd1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_zQSEZS7z9ae8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zeMT7E7ScsOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zJW9xRbI1lJl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zLJMlIHJcKu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_ztKr4mKbEUzl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_ztLZ1HLW6PN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_z2muQ9YXond3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z70FAitsHW9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_z821LFfg26b5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000089801Member_z00MZ9nTFPff">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000089801Member_zaSUuk01ote7">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000089801Member_zikiAisk0gdg">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000089801Member_zfXCW2u7W8P7">https://www.defianceetfs.com</span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG DKNG ETF – FUND SUMMARY           Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zCZiBehUqdG7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of DraftKings Inc. (Nasdaq: DKNG). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zOcFOdbPw9Cd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zn3b26xEE1Rh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zTWCGOYQxJdf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" id="xdx_982_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000089800Member_zatWBckOgTW" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49A_20250826__20250826__oef--ClassAxis__custom--C000256580Member_zvIy8OD5Mymd" style="border-bottom: black 1pt solid"><sup id="xdx_F59_z6ocAkJh2115" style="display: none; visibility: hidden">1</sup><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zVbya7onMmTh" style="vertical-align: bottom"> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7L4jsYGCabj" style="vertical-align: bottom"> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zcPBulrZe16d" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F49_zo3ngLuvONNi">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z8firOe90vX" style="vertical-align: bottom"> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4C_zHqdoZ5b7Ptb">(3)</sup></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td colspan="5" style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zxr22IW6ad2d">(1)</sup></span></td> <td colspan="5" style="text-align: justify"><span id="xdx_F1F_z5vsvTFJ7ah1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0B_zsijm5ZWwLl3">(2)</sup></span></td> <td colspan="5" style="text-align: justify"><span id="xdx_F18_zX9nYLVvvy56" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000089800Member_zzKThJypg963">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0B_zIB2QCtYlXI8">(3)</sup></span></td> <td colspan="5" style="text-align: justify"><span id="xdx_F14_zDrrKEXI8saa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zm0DZASqcVx1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJtHzLQrcyi9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zB6wV3NTZOn" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_zesH0KrPibOi" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zf9vzil1PoE3" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_419_20250826__20250826__oef--ClassAxis__custom--C000256580Member_zeFz2IAUOse5"> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$131</span></td> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$409</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 131 409 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_znqKPTOLviLi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zLwrViOSkvI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000089800Member_z1kOQwU4Foc7">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">DraftKings Inc. (“DKNG”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DraftKings Inc. is a digital sports entertainment and gaming company. DKNG provides users with online sports betting, online casino, and daily fantasy sports product offerings, as well as retail sportsbook, media and other consumer product offerings. DKNG is also involved in the design and development of sports betting and casino gaming software for online and retail sportsbooks and iGaming operators. DKNG is listed on Nasdaq. Per DKNG’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant as of June 28, 2024 was $16.6 billion based upon the closing price reported for such date on Nasdaq. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DKNG is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by DKNG pursuant to the Exchange Act can be located by reference to the SEC file number 001-41379 through the SEC’s website at www.sec.gov. In addition, information regarding DKNG may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of DKNG or other securities of DraftKings Inc. The Fund has derived all disclosures contained in this document regarding DKNG from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to DKNG. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding DKNG is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of DKNG (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning DKNG could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of DKNG.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH DRAFTKINGS, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, DRAFTKINGS, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, DraftKings, Inc. has not participated in the development of the Fund’s investment strategy. DraftKings, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. DraftKings, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by DraftKings, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by DKNG or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, DKNG is assigned to the hotels, restaurants &amp; leisure industry.</span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DkngRisksMember_znOikY4DKIEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DKNG Risks.</b> The Fund invests in swap contracts and options that are based on the share price of DKNG. This subjects the Fund to certain of the same risks as if it owned shares of DKNG, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of DKNG, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInDkngRiskMember_zZmlJobmiMi9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in DKNG Risk.</i> DKNG is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of DKNG but will be exposed to the performance of DKNG (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DkngTradingRiskMember_zSh9mm6vEa49" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>DKNG Trading Risk.</i> The trading price of DKNG may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading DKNG, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence DKNG’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of DKNG, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DKNGPerformanceRiskMember_z0pGw9kIYrl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>DKNG Performance Risk. </i>DKNG may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of DKNG to decline. DKNG provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance DKNG provides may not ultimately be accurate. If DKNG’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by DKNG could decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--GamingSubindustryRisksMember_z0n0p8Npd1I5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gaming Sub-Industry Risks</i>: The global gaming industry faces intense competition from alternative entertainment options such as television, movies, and sporting events, potentially reducing the popularity of gaming offerings. Success in sports betting and iGaming depends on factors beyond DKNG’s control, including sport outcomes, which can impact product performance. Additionally, partnerships with casinos, tribes, and horse-tracks are crucial for offering gaming products in specific jurisdictions, and failure to establish or manage these partnerships could hinder DKNG’s gaming business. Moreover, growth prospects are contingent upon the uncertain legalization status of real-money gaming, which may face regulatory restrictions or delays, affecting gaming operations. Obtaining and maintaining gaming licenses in multiple jurisdictions is vital for business growth, and failure to do so could impair DKNG’s ability to operate gaming platforms. Negative events or media coverage related to gaming, such as sports betting and iGaming, could also adversely affect user engagement and acquisition, potentially impacting gaming revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HotelsRestaurantsAndLeisureIndustryRisksMember_zyo6Jiv3odLe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hotels, Restaurants &amp; Leisure Industry Risks: </i>The hotels, 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, and consumer tastes, preferences, and 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 companies in the hotels, restaurants &amp; leisure industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralRisksMember_zys6CaJFvKth" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General Risks. </i>Economic downturns or reductions in discretionary consumer spending could adversely affect DKNG’s gaming revenue, as gaming relies heavily on consumer spending. Risks associated with information technology systems, including failures, errors, or disruptions, pose a threat to DKNG’s brand and reputation, as well as disrupting gaming operations. Despite security measures, DKNG’s IT infrastructure is vulnerable to cyberattacks or breaches, potentially compromising user data and damaging reputation. Operating in a complex regulatory environment exposes DKNG to legal and regulatory risks, with changes in laws or regulations potentially impacting gaming operations and expansion plans. Investing in or acquiring other gaming businesses poses integration risks, affecting DKNG’s overall performance. Being subject to taxation in multiple jurisdictions exposes DKNG to additional tax liabilities due to changes in tax laws or interpretations, affecting financial performance. The company’s stock price may experience volatility, risking potential loss for investors due to fluctuations in market conditions. Additionally, as a controlled company, shareholders may lack certain corporate governance protections, potentially impacting investor confidence.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z0cZnH4kknR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zk1Pdzcd7HN" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 64.97%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 81.63% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 5.22%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zXro3CUhj4Z7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zxzCgpmfx6vg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z6mNBJmJBc8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zM7N7rzHGq9g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zn7qS0HuGTQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z8zeoaV78Ovf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zJg9CyJW9Uqd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z4G0EZZ9hwtk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zWm40gxH9Gw2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zXHa6XedI8Wg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zl9uS3viUQV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zgXoMFg3mKIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zWeAjIwc2rpc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zuWGiyDtqT0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zKSlBpC4LCkf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”),  and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zIKMgwzxI6Uk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zaUmH3411cv9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zo8YeBUEDYJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z7yX3RqKtNE3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_zTfVB4m6XQaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zp9zKXgT45Lg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z24frgHdWJI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zabjZ5iAx5Pf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zuTJbXiO5Od" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zQIYCIBNrJyi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zwL4Xyi6C6t8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_znUoQKHSpASg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zu5kcEl4c801" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000089800Member_zhPakTTUElcl">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000089800Member_zb1Eo60oV6c2">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000089800Member_zT8BJGOxhtsh">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000089800Member_zFp2mWEQnlVb">https://www.defianceetfs.com</span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG COPPER ETF – FUND SUMMARY           Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zzuE9OLj9fq1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of the Global X Copper Miners ETF (NYSE Arca: COPX). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zxrtvWTjJyd8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b> </span></p> <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zCSDRQvYsZZ6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zv8ibAdW2TF7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="width: 3%"> </td> <td style="width: 87%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td id="xdx_49A_20250826__20250826__oef--ClassAxis__custom--C000249984Member_zCby3sUAMUok" style="width: 7%"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" id="xdx_987_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000085119Member_zX7oq1TFe2f7" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><sup id="xdx_F56_zF72lW4aCyK9" style="display: none">1</sup></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zEAqCsSCnYZa" style="vertical-align: bottom"> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zupdpoxQCa35" style="vertical-align: bottom"> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zJfIBCcqgAYi" style="vertical-align: bottom"> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4D_zWNVzuesBdN2">(2)</sup> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zKAa4Q8tNSUe" style="vertical-align: bottom"> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F42_zltBjYeoazzh">(3)</sup> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td style="border-bottom: black 2.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse"> <tr style="vertical-align: top; background-color: transparent"> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F04_z1KcCmarYBdf">(1)</sup> </span></td> <td style="text-align: justify; width: 97%"><span id="xdx_F11_ztcj671lpZj5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top; background-color: transparent"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F07_zWacrCzrVjl1">(2)</sup> </span></td> <td style="text-align: justify"><span id="xdx_F10_z6supWB1Ram" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000085119Member_zg9kZGxijLTe">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top; background-color: transparent"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_zltiCfI2jfX5">(3)</sup> </span></td> <td style="text-align: justify"><span id="xdx_F15_zNo9Ff45BFA6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0000 0.0095 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zNYBLtJpPPrl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLhyDxIuyB1b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zsjmD1segXB4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zunDZ6qh68Vb" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_z6oqTNq44tq9" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_41B_20250826__20250826__oef--ClassAxis__custom--C000249984Member_z3ZEOYTGVbka" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$97</span></td> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$303</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 97 303 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zwyq6NJ00hol" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zWFT9VvF8Omg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000085119Member_z1GA7NmjzG0h">The Fund has adopted a policy of having at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for the swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated (i.e., holds 25% or more of its total assets) in the same industry or group of industries in which Underlying Security concentrates. In turn, the Underlying Security concentrates its investments in a particular industry or group of industries to approximately the same extent that its index is concentrated. As of December 31, 2024, the Underlying Security’s index was concentrated in the metals and mining industry and had significant exposure to the materials sector. </span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">COPX</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of the Global X Copper Miners ETF (NYSE Arca: COPX). COPX’s investment objective is to seek to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Copper Miners Total Return Index (the “COPX Index”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COPX invests at least 80% of its total assets in the securities of the COPX Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) based on the securities in the COPX Index. COPX also invests at least 80% of its total assets in securities of companies that are economically tied to the copper mining industry. Companies economically tied to the copper mining industry include those engaged in copper mining and/or closely related activities such as exploration and refining. COPX may lend securities representing up to one-third of the value of its total assets (including the value of the collateral received). The COPX Index is designed to measure broad-based equity market performance of global companies involved in the copper mining industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You can find COPX’s prospectus and other information about the ETF, including the most recent reports to shareholders, online by reference to the Investment Company Act File No. 811-22209 through the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The information in this prospectus regarding COPX comes from its filings with the SEC. You are urged to refer to the SEC filings made by COPX and to other publicly available information (e.g., the ETF’s annual reports) to obtain an understanding of the ETF’s business and financial prospects. The description of COPX’s principal investment strategies contained herein was taken directly from COPX’s prospectus, dated March 1, 2025.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>This document relates only to the securities offered hereby and does not relate to the shares of COPX or other securities of COPX. The Fund has derived all disclosures contained in this document regarding COPX from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to COPX. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding COPX is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of COPX (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning COPX could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of COPX.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH GLOBAL X FUNDS^® , COPX OR GLOBAL X MANAGEMENT COMPANY LLC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, GLOBAL X FUNDS^®, COPX OR GLOBAL X MANAGEMENT COMPANY LLC<span style="font-variant: normal; text-transform: uppercase; color: #156082">.</span></b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Moreover, none of Global X Funds^®, COPX or Global X Management Company LLC, has participated in the development of the Fund’s investment strategy. None of Global X Funds^®, COPX or Global X Management Company LLC selects or approves the Fund’s portfolio holdings, nor do they participate in the construction, design, or implementation of the Fund. None of Global X Funds^®, COPX or Global X Management Company LLC provides any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Global X Funds^®, COPX or Global X Management Company LLC.</b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates, claim any ownership interest in any trademarks owned by Global X Funds^®, COPX, Global X Management Company LLC or their affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> The Fund has adopted a policy of having at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingSecurityRiskMember_zIvB4UHH3ey1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Risk. </b>The Underlying Security is subject to many risks that can negatively impact the Fund. In addition to ETF Risks, Market Risks, Operational Risks, and Tax Risks, the Underlying Security is subject to the following risks (among other risks):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExplorationIndustryRisksMember_z4zF1HwvKgDe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exploration Industry Risks: </b>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 which 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, mineral exploration companies typically operate at a loss and are dependent on securing equity and/or debt financing, which might be more difficult to secure for an exploration company than for a more established counterpart.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MaterialsSectorRisksMember_z37UNrJXByq9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Materials Sector Risks: </b>Companies in the materials sector are affected by commodity price volatility, exchange rates, import controls and worldwide competition. At times, worldwide production of industrial materials has exceeded demand, leading to poor investment returns or outright losses. Issuers in the materials sector are at risk of depletion of resources, technological progress, labor relations, governmental regulations and environmental damage and product liability claims.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MetalsAndMiningIndustryRisksMember_zubUpxS55RJf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Metals and Mining Industry Risks: </b>Securities in COPX’s portfolio may be significantly subject to the effects of competitive pressures in the copper mining industry and the price of copper. The price of copper may be affected by changes in inflation rates, interest rates, monetary policy, economic conditions, and political stability. Commodity prices may fluctuate substantially over short periods of time; therefore, COPX’s Share price may be more volatile than other types of investments. In addition, metals and mining companies may also be significantly affected by import controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control devices. Metals and mining companies may have significant operations in areas at risk for social and political unrest, security concerns and environmental damage. These companies may also be at risk for increased government regulation and intervention. Such risks may adversely affect the issuers to which COPX has exposure.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zcDDcqtB0yK5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk:</b> Equity securities can change in value unpredictably due to factors like company performance, market trends, and economic conditions, potentially being more volatile than other assets.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRisksMember_zeje1mjFTB29"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Capitalization Risks:</b> Investing in issuers of the same market capitalization category may suffer due to market conditions or investor sentiment.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zF4I0wD3EwTi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large-Capitalization Companies Risk:</b> Large-cap stocks may not perform as well as the overall market, experiencing cycles of outperformance and underperformance.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationCompaniesRiskMember_zONnOgHnMZy8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mid-Capitalization Companies Risk:</b> Mid-cap companies may be more volatile with less liquidity and resources compared to large-cap companies.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationCompaniesRiskMember_zSltWDmhEVDb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small-Capitalization Companies Risk:</b> Small-cap companies may be less stable and more susceptible to market changes, with their securities being more volatile and less liquid.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityExposureRiskMember_z6Qfinszpux7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Exposure Risk:</b> Investments in copper mining companies can be affected by unpredictable factors like commodity market fluctuations, supply and demand changes, and governmental policies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityPriceRelationshipRiskMember_zQ5lR8gD0kSc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Price Relationship Risk:</b> Performance of companies in the copper mining industry may not align with copper prices, leading to under- or overperformance relative to copper price movements.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusRiskMember_zVXhpL8lRck7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Focus Risk:</b> Concentrating investments in specific industries or sectors increases susceptibility to adverse events like economic conditions, competition, and technological changes, potentially leading to higher volatility.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestableUniverseOfCompaniesRiskMember_zupVeZNenVMb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investable Universe of Companies Risk:</b> Limited options in COPX’s investable universe may impact liquidity and performance if companies fail to meet index criteria, leading to necessary portfolio adjustments.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRisksMember_z4wquEY4omEf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risks:</b> Investing in foreign securities within U.S. regulations poses greater risk than U.S. securities due to factors like inflation, nationalization, and political/economic events affecting foreign markets. Fluctuations in foreign securities prices, differences in market hours, and geopolitical instability can lead to losses for investors.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zgxJH0dHV9Di"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk: </b>Investing in foreign currencies can lead to NAV declines if those currencies depreciate against the U.S. dollar, with exchange rates being volatile and changing quickly.</span></span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CustodyRiskMember_z9h6vSCkEFn7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Custody Risk: </b>Holding foreign securities and cash may pose risks, especially in emerging markets, due to potential issues with trade clearing, settlement, and custody by local institutions.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopedAndEmergingMarketsRiskMember_zD9MVQz0em5f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Developed and Emerging Markets Risk:</b> Investments in both developed and emerging markets pose regulatory, political, economic, and security risks. Emerging markets are less liquid and have fewer reporting requirements, while developed markets may face slower economic growth and security concerns.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrontierAndStandaloneMarketsRiskMember_zKaVBA4RkjZi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Frontier and Standalone Markets Risk:</b> Investing in frontier and standalone markets involves higher risks due to economic, political, and liquidity uncertainties. These markets have less developed economies and capital markets, leading to extreme price volatility and illiquidity.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternationalClosedMarketTradingRiskMember_z3MUyhk9PZi3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>International Closed Market Trading Risk:</b> Deviations between foreign market prices and COPX’s trading hours can lead to premiums or discounts to NAV, affecting investor returns.</span></td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRisksMember_zydbTiYFIrs4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">○</span></span></span></td> <td style="text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Depositary Receipt Risks. </b>Depositary Receipts may not track the price of the underlying foreign securities on which they are based.  A holder of depositary receipts may also be subject to fees and the credit risk of the financial institution acting as depositary.</span></span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zp7oUsza8hFe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Risk: </b>Disasters in regions where COPX invests can impact economies and businesses, affecting investments. Specific risks vary by region, like Australia’s reliance on commodity markets, Canada’s natural resource dependence, Chile’s commodity exports, and China’s economic, political, and social challenges. In particular, COPX is subject to the following country-specific risks:</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInAustraliaMember_zSIsH2HMcmD2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk of Investing in Australia: </b>Investing in Australian issuers exposes COPX to various risks specific to Australia, including regulatory, political, currency, security, and economic risks. Australia’s economy heavily relies on exports from sectors like energy, agriculture, and mining, making it vulnerable to fluctuations in commodity markets. Additionally, Australia’s trading relationships with key partners impact its economic performance and, consequently, the performance of investments in Australian companies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInCanadaMember_zTosfGlk92Qj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk of Investing in Canada: </b>Investing in Canadian issuers carries risks associated with Canada’s dependence on natural resources. The Canadian economy is highly reliant on the demand for and price of natural resources, leading to concentration in sectors involved in their production and distribution. Changes in these sectors, coupled with developments in trade relationships, particularly with the United States and China, can adversely affect the Canadian economy and impact securities held by COPX. Factors like NAFTA renegotiation and additional tariffs can have implications for trade arrangements, potentially affecting investment values.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskofInvestinginChileMember_z819bovHVqJ1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk of Investing in Chile:</b> Investing in Chilean issuers exposes COPX to various risks specific to Chile, including legal, regulatory, political, currency, environmental and economic risks. Among other things, the Chilean economy relies heavily on the export of certain commodities.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksofInvestinginChinaMember_zzYt8ry63Xf7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks of Investing in China:</b> In the case of China, the risks are particularly notable and extensive:</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicPoliticalandSocialRiskMember_zz7znr2NkQkc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic, Political, and Social Risk:</b> China’s economic, political, and social landscape presents considerable uncertainty. Factors such as rising government and household debt levels, economic reforms, and market liberalization efforts contribute to significant market volatility. Additionally, inefficiencies, lack of transparency, and political instability can lead to unpredictable market behavior.</span></td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zcwj0OKfvtRf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulatory Risk: </b>Chinese companies, including those listed on U.S. exchanges, face less stringent regulatory requirements and oversight compared to companies in more developed markets. This lack of oversight can result in incomplete or unreliable information, potentially leading to investment losses.</span></td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentControlandInterventionMember_zikEg7y06MV3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Government Control and Intervention:</b> The Chinese government wields substantial control over the economy and can intervene in corporate operations and structures. Regulatory actions or government policies can directly impact company performance and investor returns.</span></td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityConcernsMember_z3oNiSs0WXI6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Security Concerns: </b>China faces security challenges such as terrorism and cyberattacks, which can disrupt economic activities and market stability. Allegations of state-sponsored cyberattacks against foreign entities further exacerbate security risks.</span></td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthandPandemicRisksMember_zFzXNIH2LZ27"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Health and Pandemic Risks:</b> China has experienced major health crises, including outbreaks of infectious diseases such as SARS, MERS, and COVID-19. These health crises can significantly impact economic and social stability, affecting investor confidence and market performance.</span></span></p></td></tr> </table> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradeTensionsMember_zrnKK2moqtLd" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trade Tensions: </b>Elevated trade tensions between China and its trading partners, particularly the United States, can adversely affect the Chinese economy. Tariffs, trade barriers, and geopolitical conflicts can disrupt supply chains and economic growth, impacting investments in Chinese companies.</span></td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableInterestEntityVIEStructureRisksMember_zWL4ITVvNKge"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variable Interest Entity (VIE) Structure Risks:</b> Many Chinese companies utilize the VIE structure to list on foreign exchanges, including U.S. exchanges, circumventing restrictions on foreign ownership. However, this structure is not formally recognized under Chinese law, posing legal uncertainties and potential regulatory risks. Changes in Chinese government regulations or legal interpretations could invalidate VIE contracts, leading to significant losses for investors.</span></span></p></td></tr> </table> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRisksMember_ztw6Ghs6zb1i" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risks:</b> China’s tax laws and procedures are subject to frequent revisions, which may impact after-tax profits for investors. Uncertainties in tax rules could result in unexpected tax liabilities, affecting investment returns.</span></td></tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DelistingRisksMember_zK09iJjeSLn6" style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delisting Risks: </b>Chinese equities listed on U.S. exchanges face regulatory scrutiny and potential delisting threats. Disputes over audit inspections and compliance with regulatory standards can lead to delisting actions, causing significant losses for investors.</span></td></tr> </table> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyandEconomicPolicyRisksMember_zn3OrpF5rmV8" style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency and Economic Policy Risks:</b> China’s currency policies and economic reforms can result in currency fluctuations and economic volatility. Changes in monetary policies, interest rates, and exchange rate mechanisms can impact investor returns and market stability.</span></td></tr> </table> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskofInvestinginMexicoMember_zUqFvqUHmutc" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk of Investing in Mexico:</b> Investing in Mexican issuers exposes COPX to specific risks inherent to Mexico, including legal, regulatory, political, currency, security, and economic risks. Historical instances of high interest rates, economic volatility, and unemployment highlight the country’s susceptibility to economic fluctuations. Moreover, recent political developments in the U.S. may impact trade arrangements between the two countries, potentially affecting the value of securities held by COPX.</span></td></tr> </table> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskofInvestinginPolandMember_zXrZghL73kJb" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk of Investing in Poland:</b> The Polish economy’s relative underdevelopment and heavy reliance on key trading partners like Germany and other European Union countries pose risks for investors. Poland’s growth is closely tied to the economic performance of these partners.</span></td></tr> </table> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zdRv39TX0O78" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities Lending Risk:</b> Securities lending involves a risk of loss due to the possibility of not recovering lent securities if the borrower fails to return them promptly or at all. In such cases, COPX may need to sell collateral and purchase replacement securities, risking potential losses if the market value of the loaned securities increases without a corresponding increase in collateral. Moreover, COPX may face adverse tax consequences and be unable to vote on material proxy matters for securities on loan if they cannot be recalled in time.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zivITM79oFal" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zwTPO40MMXth" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="8" style="vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><b>Estimated Returns of 200% or Two Times </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Performance of the Underlying Security</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 24%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Underlying </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Security</b></span></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>(200%) the </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>One Year </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Performance</b></span></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 35.12%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 36.89% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 20.60%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zAP4xzaRLXo8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zsPu9ovj0mvl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk.</b> The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zwEb9e1W7M34" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zWvovYSzH54" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements.</b> The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zAA6fmA6w2tf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zAYhcmhSkUpd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zA9FrtVwLAp4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zH9hvAShLM69" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zzO0Gktsi0Bh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zIDPCnw21hJb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zGwOPdx2DRY2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Any such decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid-ask spreads.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z7h7aNpUXAvd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zgfDMAK9SpGc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_z2svhc1DCrz7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility and there may be widening bid-ask spreads. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant and there may be furthering widening bid-ask spreads.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zuOYC0oAok4j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zMrswr8TUEYe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zOCMSOBz9vff" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zPnRyUmqCSS8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_znH5YjegK0Y7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_z7zGaLf1ECvc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zgYss9vYLUD2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z9cvInnjwkCk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zScPtgtOh4t3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zH9I2yz3osll" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zk4BliZPbxg4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zrm7Fw0kd7y3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_znzAdXreGnHa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zTsaFtvRfSoi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000085119Member_zwBkpJfuGyA">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000085119Member_zhql3zHE77fe">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000085119Member_zEBi3i2qrblf">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000085119Member_zIW6Bb0dVMSa">www.defianceetfs.com</span>.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG RIOT ETF – FUND SUMMARY           Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zO5FtzsYQHVf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Riot Platforms, Inc. (Nasdaq: RIOT). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zyKr3137G5U3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zE1vPgB8EOMb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zXfwYEghWWAk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_989_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000085120Member_zL3RaQPnjYU1" style="border-bottom: black 1pt solid; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_495_20250826__20250826__oef--ClassAxis__custom--C000249985Member_zHzXkbdnRwy" style="border-bottom: black 1pt solid; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><sup id="xdx_F53_zgHH2SZGjV0h" style="display: none">1</sup></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zozaVyYHRVRb" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZmUa5lKltye" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_z2oyMmWvIAhl" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4A_zG5Md0rJKo72">(2)</sup></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dp_zaBkWsrFRzGb" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4F_zBjFYrwKYpLg">(3)</sup> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td style="border-bottom: black 2.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_zx0Pfw03fOt3">(1)</sup> </span></td> <td style="text-align: justify; width: 97%"><span id="xdx_F13_z2HbLwJbgwCd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zzy45DOTUDRb">(2)</sup> </span></td> <td style="text-align: justify; width: 97%"><span id="xdx_F18_zGnxlqMweff4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000085120Member_zruNAJfCTPrl">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_zSSItTWJPYr9">(3)</sup> </span></td> <td style="text-align: justify; width: 97%"><span id="xdx_F19_zYqWtTWmDVTj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> <br/> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0000 0.0095 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zpo8YYjfLiI1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7qY02EkdYIk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zZ81AP1jR027" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zqnq92Cgfn0b" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zPFtdeO7a4t5" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_41E_20250826__20250826__oef--ClassAxis__custom--C000249985Member_z9qRRMBPMglf" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$97</span></td> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$303</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 97 303 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zkChTJz6yMid" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal period of January 2, 2025 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20250826__20250826__dei--LegalEntityAxis__custom--S000085120Member_zZ9A4MCpmFt4">749</span>% of the average value of its portfolio.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 7.49 Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zCcRPBq4xULk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000085120Member_zt5lRSDZdk7f">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for the swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry as that assigned to RIOT. As of the date of the Prospectus, RIOT is assigned to the software industry.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">RIOT</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Riot Platforms, Inc. (Nasdaq: RIOT).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">RIOT, together with its subsidiaries, operates as a bitcoin mining company in North America. The company operates through three segments: Bitcoin Mining, Data Center Hosting, and Engineering. RIOT also provides co-location services for institutional-scale bitcoin mining companies; critical infrastructure and workforce for institutional-scale miners to deploy and operate their miners; operation of data centers; and maintenance/management of computing capacity. RIOT is listed on the Nasdaq Capital Market (“Nasdaq”). Per RIOT’s most recent Form 10-K filing, the aggregate market value of the shares of common stock, no par value, held by non-affiliates of the registrant as of June 30, 2024, was approximately $2.1 billion, based on the closing sale price per share of the registrant’s common stock as reported by the Nasdaq Capital Market on such date. </span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIOT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by RIOT pursuant to the Exchange Act can be located by reference to the SEC file number 001-33675 through the SEC’s website at www.sec.gov. In addition, information regarding RIOT may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>This document relates only to the securities offered hereby and does not relate to the shares of RIOT or other securities of Riot Platforms, Inc. The Fund has derived all disclosures contained in this document regarding RIOT from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to RIOT. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding RIOT is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RIOT (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning RIOT could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of RIOT.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH RIOT PLATFORMS, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, RIOT PLATFORMS, INC.</b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Moreover, Riot Platforms, Inc. has not participated in the development of the Fund’s investment strategy. Riot Platforms, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Riot Platforms, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Riot Platforms, Inc.</b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by RIOT or its affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingSecurityRiskMember_zT10mrL65lVh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Risk. </b>The Fund invests in swap contracts and options contracts that are based on the share price of RIOT. This subjects the Fund to certain of the same risks as if it owned shares of RIOT, even though it does not. By virtue of the Fund’s investments in swap contracts and options contracts that are based on the value of RIOT, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInRiotRiskMember_zRs32EPKzE0d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in RIOT Risk.</i> RIOT is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of RIOT but will be exposed to the performance of RIOT (the underlying stock). Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the underlying stock but will be subject to declines in the performance of the underlying stock.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiotTradingRiskMember_zLTs2FOmhe2b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RIOT Trading Risk.</i> The trading price of RIOT may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general, and the market for technology companies in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. In particular, a large proportion of RIOT may be traded by short sellers which may put pressure on the supply and demand for the common stock of RIOT, further influencing volatility in its market price. Public perception and other factors outside of the control of RIOT may additionally impact RIOT’s share price due to RIOT garnering a disproportionate degree of public attention, regardless of actual operating performance. In addition, in the past, following periods of volatility in the overall market and the market price of a particular company’s securities, securities class action litigation has often been instituted against companies such as these. Any future stockholder litigation could result in substantial costs and a diversion of the management of RIOT’s attention and resources. If RIOT trading is halted, trading in Shares of the Fund may be impacted, either temporarily or indefinitely.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiotPerformanceRiskMember_zleq8CSk209j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RIOT Performance Risk. </i>RIOT may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of RIOT to decline. RIOT provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance RIOT provides may not ultimately be accurate. If RIOT’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by RIOT could decline significantly.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryCompetitionRiskMember_zamii5VYtQHi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Industry Competition Risk. </i>RIOT’s business is highly competitive and operates 24 hours a day, 7 days a week, on a global basis. The primary drivers of competition are demand for bitcoin, sufficient capital resources to acquire large quantities of high-quality miners, the ability to secure these miners from a limited number of suppliers on rapid delivery schedules, and the ability to execute on those miner deployments with the best-in-class mining infrastructure to generate the highest returns while incurring the lowest costs to mine. RIOT’s inability to maintain or improve market share versus its competitors could negatively impact its financial results.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zeRd2uJzRCma"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulatory Risk. </i>The digital asset exchanges on which bitcoin is traded are relatively new and largely unregulated. Many digital asset exchanges do not provide the public with significant information regarding their ownership structure, management teams, corporate practices, or regulatory compliance. As a result, the marketplace may lose confidence in, or may experience problems relating to, such digital asset exchanges, including prominent exchanges handling a significant portion of the volume of digital asset trading. A perceived lack of stability in the digital asset exchange market and the closure or temporary shutdown of digital asset exchanges due to business failure, hackers or malware, government-mandated regulation, or fraud may reduce confidence in digital asset networks and result in greater volatility in digital asset values, such as bitcoin.</span></span></p></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinPriceMember_zxJQWFqm4XS9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Price.</i> While the Fund will not directly invest in digital assets, it will be subject to the risks associated with bitcoin by virtue of its exposure to RIOT. Investing in bitcoin or having a business dependent on the price of bitcoin (such as RIOT and, in turn, RIOT shareholders) carries significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinHalvingMember_zKWmVws4ZtU"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><p style="margin-top: 0; margin-bottom: 0"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></p> </td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Halving. </i>While Bitcoin prices have historically increased around halving events (a process designed to control the overall supply and reduce the risk of inflation in bitcoin, which uses a proof-of-work consensus algorithm and results in the mining reward being cut in half) there is no guarantee that the price change will be favorable or would compensate for the reduction in mining rewards. If a corresponding and proportionate increase in the price of Bitcoin does not follow future halving events, the revenue RIOT earns from its bitcoin mining operations would see a decrease, which could have a material adverse effect on RIOT’s results of operations and financial condition.</span></span></p></td></tr> </table> <p style="margin: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HashRateAndDifficultyMember_zYU3ffoMwSD4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hash Rate and Difficulty.</i> As demand for bitcoin has increased, the global network hash rate (i.e., the aggregate amount of computing power devoted to supporting the bitcoin blockchain at a given time) has increased rapidly, and as greater adoption of bitcoin occurs, it is expected that demand for new bitcoin will likewise increase as more mining companies are drawn into the industry by this increased demand. Further, as a greater number of increasingly powerful miners have been deployed, the network difficulty for bitcoin has consequently also increased. A high difficulty means that more computing power will be required in order to solve a block and earn a new bitcoin reward, which, in turn, makes the bitcoin network more secure by limiting the possibility of one miner or mining pool gaining control of the network. Therefore, as new and existing miners deploy additional hash rate, the global network hash rate will continue to increase, meaning a miner’s share of the global network hash rate (and therefore its chance of earning bitcoin rewards) will decline if it fails to deploy additional hash rate at pace with the industry. If RIOT, in an effort to grow its hash rate, is unable to complete planned expansions on schedule and within anticipated cost estimates, deployment of newly purchased miners may be delayed, which could affect its competitiveness and results of operation, which could have a material adverse effect on RIOT’s financial condition and the market price for its securities.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRiskMember_zJQup1X5THQf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Software Industry Risk. </i>The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zq9cZ2ix94Lf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zEe2dQOWW5b3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="8" style="vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><b>Estimated Returns of 200% or Two Times </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Performance of the Underlying Security</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 24%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Underlying </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Security</b></span></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>(200%) the </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>One Year </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Performance</b></span></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Underlying Security’s annualized historical volatility rate for the five-year period ended  June 30, 2025 was 108.63%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 150.12% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 38.47%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zCKueGPtzLei" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zIotmZIcae37" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk.</b> The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zTbV4j8bJdbk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zZfNQncjhzD8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements.</b> The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z1rkVf1Yf9Uk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zYU6ViivEDDh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_ztnfNdNVUsrl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zu10OI7Lq26a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zpa80A9wTFv1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zxgcit4ahlbe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zZCWKoiMWbJj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Any such decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid-ask spreads.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zpXGmUtbsU1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zqNlppzQWv4f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zyBZkgpL71bi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility and there may be widening bid-ask spreads. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant and there may be furthering widening bid-ask spreads.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_za8hITybeUFf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca Inc. (the “Exchange”),and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zbYKxFsxMOo6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z22ssws3QWib" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zaG3161z5XHb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z90ODjfIA2nc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_z8ic14scOZZ3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zldzu5ITshld" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zTl5mbVdytob" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zAe3yMIyjh79" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zE4faPLBdMh3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zGtLD1k7dRf1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zUPROpTbtgSa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zti0q2JV0SG2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Tax Risk.</b> The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_z3hXTiHB9IHb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000085120Member_zfZ7MgtXo0al">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000085120Member_zJRaxvmjG5i6">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000085120Member_zLw1IV7yzThb">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000085120Member_zRhPzdyRt7q">www.defianceetfs.com</span>.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG CHINA DRAGONS ETF – FUND SUMMARY           Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zd9IfJT0PDQe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of the Roundhill China Dragons ETF (Cboe BZX Exchange, Inc.: DRAG). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zxWUmRGYzXi3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zS8Ymho6JHMh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zewoAP03YzVf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_983_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000085121Member_zTDzN7e15wz1" style="border-bottom: black 1pt solid; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_494_20250826__20250826__oef--ClassAxis__custom--C000249986Member_zYDrGiZ6hq55" style="border-bottom: black 1pt solid; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><sup id="xdx_F5A_znCI8h7QCWMe" style="display: none">1</sup></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zOSN5vzxvVD7" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zb4Ivr8AQvD2" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zAEQboWB72d8" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F48_zonDFAMYtMfa">(2)</sup> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zoBAsxIHJBqc" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4F_z0SzGCPIdYb3">(3)</sup> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td style="border-bottom: black 2.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_zkMyvcNXxCjl">(1)</sup> </span></td> <td style="width: 97%; text-align: justify"><span id="xdx_F1A_z9oIVN2FnV77" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_z7rTDVty8o31">(2)</sup> </span></td> <td><span id="xdx_F1A_zJsXnzQQVmYk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000085121Member_zIwQcqj1eIKh">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zNuZ6DL9s1mf">(3)</sup> </span></td> <td style="text-align: justify"><span id="xdx_F17_zQBGGxeF6VR9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0000 0.0095 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zNqPiJERYrhk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_znB7VJR1Mwge"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zM6sFKpjDJc1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_zPCjBKB7gMy7" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zu08X0uIt8z6" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_410_20250826__20250826__oef--ClassAxis__custom--C000249986Member_zbZCXicO2tdg" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$97</span></td> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$303</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 97 303 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zX5nsloaLt08" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zZgvlz39SsUh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000085121Member_zafn71XkLdB1">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for the swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated (i.e., holds 25% or more of its total assets) in the same industry or group of industries in which Underlying Security concentrates. The Underlying Security’s registration statement states that it will concentrate (<i>i.e.</i>, invest more than 25% of its total assets) its investments in the industry or group of industries comprising the consumer discretionary sector, communication services sector and information technology sector, collectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">DRAG</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of the Roundhill China Dragons ETF (Cboe BZX Exchange, Inc.: DRAG). DRAG seeks to provide capital appreciation through exposure to a concentrated basket of five to ten of the largest and most innovative Chinese companies (the “China Dragons”), as determined by DRAG’s investment adviser.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DRAG invests at least 80% of its net assets (plus any borrowings for investment purposes) in instruments (including ADRs and derivatives on ADRs) that provide exposure to Chinese issuers. In determining which companies are properly classified as China Dragons, DRAG’s investment adviser uses a proprietary methodology that incorporates both quantitative and qualitative elements. The initial selection universe is composed of the 100 largest Chinese equity securities according to market capitalization. DRAG’s investment adviser narrows the universe by applying quantitative screens (based upon a security’s market capitalization and average daily trading volume) and qualitative screens (based on proprietary assessment by DRAG’s investment adviser of each company’s degree of technological innovation) to classify at least five issuers as China Dragons. DRAG seeks equally-weighted exposure to each of the China Dragons, with such weighting being rebalanced on a quarterly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You can find DRAG’s prospectus and other information about the ETF, including the most recent reports to shareholders, online by reference to the Investment Company Act File No. 811-23887 through the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The information in this prospectus regarding DRAG comes from its filings with the SEC. You are urged to refer to the SEC filings made by DRAG and to other publicly available information (e.g., the ETF’s annual reports) to obtain an understanding of the ETF’s business and financial prospects. The description of DRAG’s principal investment strategies contained herein was taken directly from DRAG’s prospectus, dated May 1, 2025.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>This document relates only to the securities offered hereby and does not relate to the shares of DRAG or other securities of DRAG. The Fund has derived all disclosures contained in this document regarding DRAG from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to DRAG. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding DRAG is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of DRAG (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning DRAG could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of DRAG.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH ROUNDHILL ETF TRUST, DRAG, ROUNDHILL FINANCIAL INC., OR EXCHANGE TRADED CONCEPTS, LLC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, ROUNDHILL ETF TRUST, DRAG, ROUNDHILL FINANCIAL INC., OR EXCHANGE TRADED CONCEPTS, LLC<span style="font-variant: normal; text-transform: uppercase; color: #156082">.</span></b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Moreover, none of Roundhill ETF Trust, DRAG, Roundhill Financial, Inc. or Exchange Traded Concepts, LLC, has participated in the development of the Fund’s investment strategy. None of Roundhill ETF Trust, DRAG, Roundhill Financial, Inc. or Exchange Traded Concepts, LLC selects or approves the Fund’s portfolio holdings, nor do they participate in the construction, design, or implementation of the Fund. None of Roundhill ETF Trust, DRAG, Roundhill Financial, Inc. or Exchange Traded Concepts, LLC provides any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Roundhill ETF Trust, DRAG, Roundhill Financial, Inc. or Exchange Traded Concepts, LLC.</b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates, claim any ownership interest in any trademarks owned by Roundhill ETF Trust, DRAG, Roundhill Financial, Inc., Exchange Traded Concepts, LLC, or their affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingSecurityRiskMember_zNzvwpF2yBI5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Risk. </b>The Underlying Security is subject to many risks that can negatively impact the Fund. In addition to ETF Risks, Market Risks, Operational Risks, and Tax Risks, the Underlying Security is subject to the following risks (among other risks):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zPwy0l35eE66"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>China Risk. </b>DRAG’s significant investments in instruments that provide exposure to Chinese companies subject DRAG to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers of securities in which DRAG invests. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and DRAG’s investments. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. DRAG’s portfolio may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. So long as these restrictions do not include restrictions on investments, DRAG is generally expected to invest in such companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chinese companies are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries. As a result, information about the Chinese securities in which DRAG invests may be less reliable or complete. Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may have limited legal remedies. Chinese companies may also be subject to significantly weaker recordkeeping requirements than the requirements imposed upon U.S. companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zTqBqa0R32n5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>Market risk is the risk that a particular security may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. DRAG shares could decline in value or underperform other investments. In addition, securities and other assets in DRAG’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z5MnFfebkgtj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk. </b>The use of derivative instruments (<i>i.e.</i> swap agreements and forward contracts) involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not); (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Derivative instruments present the risk of significant losses to DRAG.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsMember_z69sv3DODckh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swaps. </i>A swap agreement could result in losses if the underlying reference or asset does not perform as anticipated. In addition, many swaps trade over-the-counter and may be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardsMember_zVjZ3Y4ASZed"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Forwards. </i>The market for forward contracts is substantially unregulated and can experience lengthy periods of illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result in volatility or disruptions in such markets. A relatively small price movement in a forward contract may result in substantial losses to the Fund, exceeding the amount of the margin paid.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zKnSFq6kVVUk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zbOX6ZDZy8Lc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration Risk.</b> DRAG is concentrated in the industry or group of industries comprising the consumer discretionary sector, communication services sector and information technology sector. DRAG may be susceptible to an increased risk of loss, including losses due to adverse events that affect the DRAG’s investments more than the market as a whole, to the extent that the DRAG’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector, market segment or asset class.</span></td> </tr></table> <p style="margin: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zL51QqgbyA7a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Consumer Discretionary Sector Risk.</i> Companies in this sector manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationServicesSectorRiskMember_zzQaLqwO3MQ3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Communication Services Sector Risk.</i> Communication services companies may be subject to specific risks associated with legislative or regulatory changes, adverse market conditions, intellectual property use and/or increased competition. Communication services companies are particularly vulnerable to rapid advancements in technology, the innovation of competitors, rapid product obsolescence and government regulation and competition, both domestically and internationally.</span></td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zJBe271mTT64"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information Technology Sector Risk.</i> Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. They may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. The loss or impairment of intellectual property rights may adversely affect the profitability of these companies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z07cWZAJQzp5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Management Risk.</b> DRAG is actively-managed and its performance reflects investment decisions that its investment adviser makes for DRAG. Such judgments about DRAG’s investments may prove to be incorrect, causing DRAG to underperform as compared to other funds with similar investment objectives and/or strategies, or could have negative returns.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z598qSrhd5S6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk. </b>Changes in currency exchange rates affect the value of investments denominated in a foreign currency, and therefore the value of such investments in DRAG’s portfolio. DRAG’s net asset value could decline if a currency to which DRAG has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in DRAG may change quickly and without warning.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrentMarketConditionsRiskMember_zPFysbG3A9e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current Market Conditions Risk.</b> Current market conditions risk is the risk that a particular investment, or DRAG in general, may fall in value due to current market conditions.  These include conditions related to interest rates and inflation levels.  In addition, regulatory actions taken by regulators may negatively impact DRAG.  Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States.</span></span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CustodyRiskMember_zwXZA7fsLEl3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Custody Risk. </b>Custody risk refers to the risks inherent in the process of clearing and settling trades, as well as the holding of securities by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. In general, the less developed a country’s securities markets are, the higher the degree of custody risk.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityRiskMember_zyz8fVocVB2b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cybersecurity Risk.</b> Failures or breaches of the electronic systems of DRAG, DRAG’s adviser, distributor, and other service providers, market makers, Authorized Participants or the issuers of securities in which DRAG invests have the ability to cause disruptions, negatively impact DRAG’s business operations and/or potentially result in financial losses to DRAG and its shareholders.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_z531ZiyaGZa7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Depositary Receipt Risk.</b> Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zlNnjfw8LpE6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Risk.</b> DRAG’s investments in China may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed markets.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HongKongRiskMember_z31KrnwoB1z3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hong Kong Risk. </b>Investments in Hong Kong issuers will subject DRAG to legal, regulatory, political, currency, security, and economic risk specific to Hong Kong. Any changes in the Chinese economy, trade regulations or currency exchange rates, or a tightening of China’s control over Hong Kong, may have an adverse impact on Hong Kong’s economy.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zY8CnaoevRx"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation Risk. </b>Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. This risk is considered to be heightened as it relates to Chinese companies.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternationalClosedMarketTradingRiskMember_zd6rN06Wh1Q2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>International Closed Market Trading Risk. </b>To the extent securities held by DRAG trade on non-U.S. exchanges that are closed when DRAG’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (<i>i.e.</i>, DRAG’s quote from the closed foreign market) used for purposes of calculating DRAG’s NAV, resulting in premiums or discounts to the DRAG’s NAV and bid/ask spreads that may be greater than those experienced by other funds.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zRIgOBfFJ8Wf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Risk. </b>The performance of DRAG depends on the performance of individual securities to which DRAG has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_ziSNkWzOpSSe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Companies Risk.</b> Large capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskTwoMember_zFZ9svaj1Fmj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>DRAG’s swap agreements and/or forward contracts trade over-the-counter, in limited volume and generally lack an active trading market. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketFundsRiskMember_zEDBlunNFS29"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Funds Risk.</b> DRAG may invest in money market funds to collateralize its swap agreements and forwards contracts. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskOneMember_zYn1kR2fhozl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>DRAG is a recently organized investment company with a limited operating and performance history.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSSecuritiesRiskMember_zuNQfMs7blge"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non U.S. Securities Risk. </b>Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities exchanges in foreign countries.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatizationRiskMember_zKfmilBKlr29"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Privatization Risk. </b>China has privatized, or has begun a process of privatizing, certain entities and industries. Newly privatized companies may face strong competition from government-sponsored competitors that have not been privatized. In some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases, due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zQKwmO5rfyRl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Securities Risk. </b>DRAG may invest in short-term U.S. government securities to collateralize its swap agreements and forwards contracts. U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z8WMIvBCQWa7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation Risk. </b>DRAG may hold securities or other assets (such as swap agreements and forward contracts) that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity.  Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used, and there is no assurance that DRAG could sell or close out a portfolio position for the value established for it at any time.</span></td> </tr></table><p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableInterestRiskMember_zmlGO0gMkjH6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variable Interest Risk.</b> Some of the ADRs to which DRAG will have exposure may be structured as variable interest entities or “VIEs.” A VIE is a special structure designed to provide foreign investors with exposure to Chinese companies. Exposure to VIEs may pose additional risks because the investment is made in reference to an intermediary shell company that has entered into service and other contracts with the underlying Chinese operating company to provide investors with exposure to the operating company, but does not represent equity ownership in the operating company. As a result, such investment may limit the rights of an investor with respect to the underlying Chinese operating company. VIEs are not formally recognized under Chinese law and investors face uncertainty about future actions by the Chinese government that could significantly affect the operating company’s financial performance and the enforceability of the contractual arrangements underlying the VIE structure. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant losses, and in turn, adversely affect the DRAG’s returns and net asset value.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zITLYoBWOh5j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zmwSRBxC4rU6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="11" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>Estimated Returns of 200% or Two Times </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Performance of the Underlying Security</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="4" style="border-bottom: black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Underlying </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Security</b></span></span></td> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>(200%) the </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>One Year </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Performance</b></span></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td colspan="2" style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td colspan="2" style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td colspan="2" style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td colspan="2" style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td colspan="2" style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td colspan="2" style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td colspan="2" style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td colspan="2" style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td colspan="2" style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> <tr> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The annualized historical volatility rate of the Underlying Security for the period from its inception on October 3, 2024 to June 30, 2025 (the maximum period available) was 42.30%. The annualized performance of the Underlying Security for the period from its inception on October 3, 2024 to June 30, 2025 was -0.16%. Historical Underlying Security volatility and performance are not necessarily indications of what volatility and performance of the Underlying Security will be in the future.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zU1yClXnyEd4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zJ9qPb1buI1j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk.</b> The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskOneMember_zVTftfmMzZz" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zxvFLwUTJk81" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements.</b> The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zxkkklx3zgl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zbLtc1ugB5Mi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zDlKAOI1l8of" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zTB7pxHgn32f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zFwD5dN0wkZg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zZmRSlpBlUm2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zLFILdAdHHo5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Any such decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid-ask spreads.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zhwKf5Cpvg04" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zF7gGkIeQCbc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zVPF4zK9AzV3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility and there may be widening bid-ask spreads. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant and there may be furthering widening bid-ask spreads.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zDRFkZTQ2jA4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zVhZUD1Hkh48" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zm0mOIfJJ4l1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zv0vS1c6EZE8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zxmdJUbBTRc1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_z7Ej9ZQ1Lm93" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zQJjgaxhrXh9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zxaJFe5dbC37" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z4TnBbKKaAb5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zqImQO4Aiopc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zqG4y9OC7jDk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_z8Y0XnbOalC6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z7FnoVWCXLE5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zhzj6p4k2xoa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000085121Member_z3Ul3k6IMEL4">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000085121Member_zgGVwC9TCze1">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000085121Member_zREZXRKrs97j">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000085121Member_zX9V1m6di77g">www.defianceetfs.com</span>.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG SOLAR ETF – FUND SUMMARY           Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_z8HQCfjDZLN8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of the Invesco Solar ETF (NYSE Arca: TAN). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zptj7te8mC6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below</b>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zAx8Fkidktic"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zcybi23bwNM7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_985_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000085122Member_zom8myOMXAzc" style="border-bottom: black 1pt solid; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_498_20250826__20250826__oef--ClassAxis__custom--C000249987Member_zeaxrPN7uZ3l" style="border-bottom: black 1pt solid; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><sup id="xdx_F52_zpULjJk1nHtb" style="display: none">1</sup></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zwFlE7Y7ZVzl" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zavx43S1eLx9" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zn7kV6r0Bc4l" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F48_zhFTLuq3JJKc">(2)</sup> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dp_zhHCPjpuNTBb" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F47_zT0nRJzyXylh">(3)</sup>  </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td style="border-bottom: black 2.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_zNWW3vMQR9xf">(1)</sup> </span></td> <td style="vertical-align: top; text-align: justify; width: 97%"><span id="xdx_F1E_zYT6sXbxbzC4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td> </tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0B_zEgh43WLVs09">(2)</sup> </span></td> <td><span id="xdx_F12_zizyRiT2ft92" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000085122Member_zvOWklfnNKHg">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_z1e6cGnyuLig">(3)</sup> </span></td> <td style="text-align: justify"><span id="xdx_F1A_z3zVKClzxxd9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0000 0.0095 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zLcdMcYbfTq7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zakC687Xlq68"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zr9w3sWqcnJ4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zNskAkkhH5i" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_z2FEgQIxTnv5" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_41A_20250826__20250826__oef--ClassAxis__custom--C000249987Member_za0A5IRO3Ncg" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$97</span></td> <td style="border-bottom: black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$303</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 97 303 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zrTMbTB8mqJ6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zV9IHtvSdJU1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors<b>, the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000085122Member_zWxGbhWJWl46">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for the swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated (i.e., holds 25% or more of its total assets) in the same industry or group of industries in which Underlying Security concentrates. In turn, the Underlying Security concentrates its investments in a particular industry or group of industries to approximately the same extent that its index is concentrated. As of August 31, 2024, Underlying Security’s index had significant exposure to the information technology sector and the solar and semiconductors industries. </span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">TAN</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of the Invesco Solar ETF (NYSE Arca: TAN). TAN’s investment objective is to seek to track the investment results (before fees and expenses) of the MAC Global Solar Energy Index (the “TAN Index”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">TAN will generally invest at least 90% of its total assets in the securities that comprise the TAN Index, which seeks to track the performance of companies in global solar energy businesses. The eligibility criteria for inclusion in this index are determined based on factors such as a company’s business focus and recent revenue reports. The TAN Index includes companies listed on exchanges in specific countries, generating at least one-third of their revenues from solar-related activities. Examples of solar business activities include, but are not limited to: (1) solar power equipment producers, including ancillary or enabling products such as tracking systems, inverters, batteries, or other solar energy storage systems; (2) suppliers of raw materials, components, or services to solar producers or developers; (3) companies that produce solar equipment fabrication systems; (4) companies involved in solar power system installation, development, integration, maintenance, or finance; (5) companies that produce hydrogen using solar energy; (6) companies that provide solar-powered charging systems for electric vehicles or other electrical devices; (7) companies selling systems that use solar thermal energy to produce heat or electricity; and (8) companies that sell electricity derived from solar power.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You can find TAN’s prospectus and other information about the ETF, including the most recent reports to shareholders, online by reference to the Investment Company Act File No. 811-21977 through the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The information in this prospectus regarding TAN comes from its filings with the SEC. You are urged to refer to the SEC filings made by TAN and to other publicly available information (e.g., the ETF’s annual reports) to obtain an understanding of the ETF’s business and financial prospects. The description of TAN’s principal investment strategies contained herein was taken directly from TAN’s prospectus, dated December 20, 2024.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>This document relates only to the securities offered hereby and does not relate to the shares of TAN or other securities of TAN. The Fund has derived all disclosures contained in this document regarding TAN from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to TAN. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding TAN is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TAN (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning TAN could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of TAN.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH INVESCO EXCHANGE-TRADED FUND TRUST II, TAN OR INVESCO CAPITAL MANAGEMENT LLC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, INVESCO EXCHANGE-TRADED FUND TRUST II, TAN OR INVESCO CAPITAL MANAGEMENT LLC<span style="font-variant: normal; text-transform: uppercase; color: #156082">.</span></b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Moreover, none of Invesco Exchange-Traded Fund Trust II, TAN or Invesco Capital Management LLC, has participated in the development of the Fund’s investment strategy. None of Invesco Exchange-Traded Fund Trust II, TAN or Invesco Capital Management LLC selects or approves the Fund’s portfolio holdings, nor do they participate in the construction, design, or implementation of the Fund. None of Invesco Exchange-Traded Fund Trust II, TAN or Invesco Capital Management LLC provides any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Invesco Exchange-Traded Fund Trust II, TAN or Invesco Capital Management LLC.</b></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates, claim any ownership interest in any trademarks owned by Invesco Exchange-Traded Fund Trust II, TAN, Invesco Capital Management LLC, or their affiliates. All rights in the trademarks are reserved by their respective owners.</b></span></span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingSecurityRiskMember_z8yswu7thOMe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Risk. </b>The Underlying Security is subject to many risks that can negatively impact the Fund. In addition to ETF Risks, Market Risks, Operational Risks, and Tax Risks, the Underlying Security is subject to the following risks (among other risks):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_ztzzcK51U51d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Risk:</b> Concentration in a specific industry, such as the solar industry and information technology sector, exposes TAN to risks associated with those industries’ performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zegOLjZaAQn6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information Technology Sector Risk.</b> Factors such as the failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product compatibility, consumer preferences, corporate capital expenditure, rapid obsolescence, competition from alternative technologies, and research and development of new products may significantly affect the market value of securities of issuers in the information technology sector.</span></span></p></td></tr> </table> <p style="margin: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SolarIndustryRiskMember_zBTOIs4xVWal"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Solar Industry Risk.</b> The value of stocks that comprise the energy sector and the prices of energy may decline. The alternative energy industry can be significantly affected by obsolescence of existing technology, short product lifecycles, falling prices and profits, competition from new market entrants and general economic conditions. This industry can also be significantly affected by fluctuations in energy prices and supply and demand of alternative energy fuels, energy conservation, the success of exploration projects, tax incentives, subsidies and other government regulations and policies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies in this industry may be adversely affected by commodity price volatility, changes in exchange rates, imposition of import controls, availability of certain inputs and materials required for production, depletion of resources, technological developments and labor relations. Recently, the price of oil has declined significantly and experienced significant volatility, which may materially impact companies operating in the solar energy sector. Shares of companies involved in the solar energy sector have historically been more volatile than shares of companies operating in more established industries. </span></p></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsIndustryRiskMember_zeIRVcHLQvF9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></span></td> <td style="text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Semiconductors Industry Risk.</b> DRAG will be sensitive to, and its performance may depend to a greater extent on, the overall condition of the semiconductors industry. Competitive pressures, intense competition, aggressive pricing, technological developments, changing demand, research and development costs, availability and price of components and product obsolescence can significantly affect companies operating in the semiconductors industry. Global events, such as widespread epidemics or pandemics, may impair the manufacturing output of semiconductor equipment and may disrupt supply chains for industries that rely on such equipment. Semiconductor companies are vulnerable to wide fluctuations in securities prices due to such global circumstances and may be negatively impacted as a result.</span></span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EsgInvestingStrategyRiskMember_zaZZEM1e72ra"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ESG Investing Strategy Risk.</b> The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, TAN may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in TAN investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.</span></td></tr> </table> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zIk60uHU64Pk" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk:</b> Equity securities can change in value unpredictably due to factors like company performance, market trends, and economic conditions, potentially being more volatile than other assets.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicConcentrationRisksMember_zATfHBndOEGk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Concentration Risk.</b> TAN may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on TAN’s investment performance.</span></td></tr> </table> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksofInvestinginChinaMember_zSO2tqDBMeO" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks of Investing in China:</b> In the case of China, the risks are particularly notable and extensive:</span></td></tr> </table> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicPoliticalandSocialRiskMember_zDjVXWuthSM8" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic, Political, and Social Risk:</b> China’s economic, political, and social landscape presents considerable uncertainty. Factors such as rising government and household debt levels, economic reforms, and market liberalization efforts contribute to significant market volatility. Additionally, inefficiencies, lack of transparency, and political instability can lead to unpredictable market behavior.</span></td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zukHLk0O62f4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulatory Risk: </b>Chinese companies, including those listed on U.S. exchanges, face less stringent regulatory requirements and oversight compared to companies in more developed markets. This lack of oversight can result in incomplete or unreliable information, potentially leading to investment losses.</span></td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentControlandInterventionMember_zWyxc3OKZplf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Government Control and Intervention:</b> The Chinese government wields substantial control over the economy and can intervene in corporate operations and structures. Regulatory actions or government policies can directly impact company performance and investor returns.</span></td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityConcernsMember_zVQERjqmUZn4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Security Concerns: </b>China faces security challenges such as terrorism and cyberattacks, which can disrupt economic activities and market stability. Allegations of state-sponsored cyberattacks against foreign entities further exacerbate security risks.</span></td></tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthandPandemicRisksMember_zziV39qHyna5" style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Health and Pandemic Risks:</b> China has experienced major health crises, including outbreaks of infectious diseases such as SARS, MERS, and COVID-19. These health crises can significantly impact economic and social stability, affecting investor confidence and market performance.</span></td></tr> </table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradeTensionsMember_zlpvyAd4XC5c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trade Tensions: </b>Elevated trade tensions between China and its trading partners, particularly the United States, can adversely affect the Chinese economy. Tariffs, trade barriers, and geopolitical conflicts can disrupt supply chains and economic growth, impacting investments in Chinese companies.</span></td></tr> </table> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableInterestEntityVIEStructureRisksMember_zCQLrRqImTf3" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variable Interest Entity (VIE) Structure Risks:</b> Many Chinese companies utilize the VIE structure to list on foreign exchanges, including U.S. exchanges, circumventing restrictions on foreign ownership. However, this structure is not formally recognized under Chinese law, posing legal uncertainties and potential regulatory risks. Changes in Chinese government regulations or legal interpretations could invalidate VIE contracts, leading to significant losses for investors.</span></td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRisksMember_zTFdnWIcMaef"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risks:</b> China’s tax laws and procedures are subject to frequent revisions, which may impact after-tax profits for investors. Uncertainties in tax rules could result in unexpected tax liabilities, affecting investment returns.</span></td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DelistingRisksMember_zAO7Bi0S7AFh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delisting Risks: </b>Chinese equities listed on U.S. exchanges face regulatory scrutiny and potential delisting threats. Disputes over audit inspections and compliance with regulatory standards can lead to delisting actions, causing significant losses for investors.</span></td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyandEconomicPolicyRisksMember_zzqcCgz4Wrs8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency and Economic Policy Risks:</b> China’s currency policies and economic reforms can result in currency fluctuations and economic volatility. Changes in monetary policies, interest rates, and exchange rate mechanisms can impact investor returns and market stability.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zcBWQ0mt2Zjf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk: </b>TAN’s exposure to securities denominated in non-U.S. currencies exposes it to currency risk. Fluctuations in currency exchange rates relative to the U.S. dollar can impact the value of URNM’s investments and, consequently, the value of its shares. Because TAN NAV is calculated in U.S. dollars, depreciation of non-U.S. currencies against the dollar can lead to a decline in TAN’s NAV, even if the value of its holdings measured in foreign currency increases. Currency exchange rates are highly volatile and subject to rapid and unpredictable changes, introducing uncertainty and potential losses for investors.</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zOkUCXYmE431"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk:</b> Investments in non-U.S. securities entail various risks not typically associated with U.S. investments. These risks include exposure to foreign currency fluctuations, political and economic instability, and differences in regulatory standards. Non-U.S. securities may also exhibit lower market liquidity and provide less publicly available information about issuers, leading to increased investment risk. Additionally, investments in foreign securities may be subject to withholding taxes, trading and settlement risks, and operational challenges. Differences in accounting, auditing, and financial reporting standards between U.S. and non-U.S. issuers further contribute to the complexity and potential volatility of investing in foreign securities.</span></td> </tr></table> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_z2syv8co3G6j" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Securities Risk:</b> Emerging markets present unique investment opportunities but also carry heightened risks compared to more developed markets. These risks include greater market volatility, lower trading volume, political and economic instability, and uncertainties regarding the existence of robust trading markets. Securities in emerging markets may experience more significant price fluctuations due to factors such as regulatory differences, limited market liquidity, and potential market manipulation. Investments in emerging markets also entail risks related to limited access to capital, foreign investment restrictions, and less stringent investor protections. Additionally, emerging market issuers may have limited accountability and transparency, posing challenges for investors in evaluating their performance and financial stability.</span></td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRandGDRRiskMember_zpeVbpsvbJoc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADR and GDR Risk. </b>ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRisksMember_zPRkzwasGoqg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Capitalization Risks:</b></span></td> </tr></table> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zqWKMxeBHLxf" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small- and Mid-Capitalization Company Risk:</b> Small- and mid-capitalization companies are more susceptible to adverse business or economic events compared to larger, more established companies. These companies often have limited financial resources and operational capabilities, making them more vulnerable to market volatility and economic downturns. Securities of small- and mid-cap companies typically trade in lower volumes and may experience greater price fluctuations, posing additional challenges for investors seeking stable returns. Additionally, these companies may face difficulties accessing capital and competing with larger competitors, further increasing their investment risk.</span></td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationRiskMember_zlEaA7XS41B8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Micro-Capitalization Risk:</b> Investments in micro-cap companies may be even more vulnerable to adverse business or economic events compared to larger, more established companies. These companies typically have limited financial resources, smaller market capitalizations, and lower trading volumes, making them more susceptible to market volatility and liquidity risks. Securities of micro-cap companies may experience significant price fluctuations and may be less transparent, posing challenges for</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_ziY603u9o1Wd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zBmFF5Kylv8h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Performance of the Underlying Security</b></span></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 24%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Underlying </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Security</b></span></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b></span><span style="font-size: 10pt"><br/> <span style="font-family: Times New Roman, Times, Serif"><b>(200%) the </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>One Year </b></span><br/> <span style="font-family: Times New Roman, Times, Serif"><b>Performance</b></span></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 42.63%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 50.40% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was -1.04%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zdQ1JqdCCUl2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z7BexdPpeul" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk.</b> The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z1932H8wN2k8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zqN5UessrrQ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements.</b> The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zHUZgQx5siOi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zz1RwW8CayL5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zAglgDUhDOPe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zg6wkzcUNMp5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zY6JWv2525Cc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zn5AElx3Px31" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z3zClPrnHkbe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Any such decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid-ask spreads.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zhZ8y6WDSyU6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zjP52FYlxSPc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zAa6y2TYEQ0h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility and there may be widening bid-ask spreads. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant and there may be furthering widening bid-ask spreads.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zDE62mWBiYP8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zu7qtVsOOEH3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zWOJNQX1KC9a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zzICrjKj8rQ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z2R3StplCDdc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_zJerYGfg8WBf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zz8u6EwTbuT2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z8joCMRxmMOl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zY7oADb3MDRl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zFfRs46nKCV1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zpUygOVwHV78" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zA5m9aj5fXLc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zRx202Y2IeXk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zRSZaT3mhVL4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000085122Member_zCydBWRJWmzc">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000085122Member_zVPiQBttTQUk">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000085122Member_znel6ttiPAVf">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000085122Member_zuKCHbFJFBy7">www.defianceetfs.com</span>.</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG LLY ETF – FUND SUMMARY           Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zyZjBJmHSgM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Eli Lilly and Company (NYSE: LLY). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zWs83LSuTFUa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zZSHYkCTNI5l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zkKX3Nvan5xe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_983_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000085136Member_z6XPbvOeWUCi" style="border-bottom: black 1pt solid; width: 89%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td id="xdx_49E_20250826__20250826__oef--ClassAxis__custom--C000250001Member_z01U47qcrfGg" style="border-bottom: black 1pt solid; width: 8%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span><sup id="xdx_F51_zT3k3n7X8h7k" style="display: none">1</sup></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zY1UEagYPuYj" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvTRcA2O9Pwi" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zlWkXf70tK37" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses (includes interest expense) </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.02</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zWpo89MWCQ3k" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4E_zH6zYKkIpdtb">(2)</sup> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01</span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_z7wgo9yLnqEk" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F45_zpNlpcCeuQAk">(3) </sup> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.32</span></span></td> <td style="border-bottom: black 2.25pt double"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_zqTWZHlzSu1i">(1)</sup></span></span></td> <td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F12_z5r4Mjgw6Lzc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_zDuonQYT4th7">(2)</sup></span></span></td> <td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1C_zZMZ9QqeH9L5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20250826__20250826__dei--LegalEntityAxis__custom--S000085139Member_zcXj1AXBwUu8">Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.</span></span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_zNKud2nkAWp1">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1A_zVPdE3sg0WBg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0002 0.0001 0.0132 Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Expense Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zchi9VLAZXvd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpYgYMfIJ0H1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zj21I8mCH1Pj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48F_eoef--ExpenseExampleYear01_zpVykxRdIqi7" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zcyyE4Mh6Nv7" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zBrxoCz3iQDb" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></span></td> <td id="xdx_482_eoef--ExpenseExampleYear10_z20sHFYfYXda" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></span></td></tr> <tr id="xdx_410_20250826__20250826__oef--ClassAxis__custom--C000250001Member_z2j4fY3Y3Z8"> <td style="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$134</span></span></td> <td style="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$418</span></span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$723</span></span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,590</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 134 418 723 1590 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zZsj8cfdugRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of August 7, 2024 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover was <span id="xdx_90B_eoef--PortfolioTurnoverRate_dp_c20250826__20250826__dei--LegalEntityAxis__custom--S000085136Member_zMF1Xe1Iio18">1,232</span>% of the average value of its portfolio.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 12.32 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zYQ6ZrbXNjee" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies</i>.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000085136Member_zjNiDs2D0O23">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Eli Lilly and Company (“LLY”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LLY is a global pharmaceutical company, which is dedicated to discovering, developing, manufacturing, and marketing innovative medicines in various therapeutic areas, including neuroscience, endocrinology, oncology, cardiovascular diseases, and immunology. LLY’s portfolio encompasses a wide range of prescription drugs, biologics, and animal health products. LLY is listed on the New York Stock Exchange (“NYSE”). Per LLY’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common equity held by non-affiliates of LLY (based on the last reported sale price of its common equity on June 30, 2024 on the New York Stock Exchange) was approximately $769.8 billion.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LLY is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by LLY pursuant to the Exchange Act can be located by reference to the SEC file number 001-06351 through the SEC’s website at www.sec.gov. In addition, information regarding LLY may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of LLY or other securities of LLY. The Fund has derived all disclosures contained in this document regarding LLY from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to LLY. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding LLY is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of LLY (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning LLY could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of LLY.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH ELI LILLY AND COMPANY. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, ELI LILLY AND COMPANY.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Eli Lilly and Company has not participated in the development of the Fund’s investment strategy. Eli Lilly and Company does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Eli Lilly and Company does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Eli Lilly and Company.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by LLY or its affiliates. All rights in the trademarks are reserved by their respective owners.</b> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, LLY is assigned to the pharmaceutical industry.</span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LlyRisksMember_zr9NPfTgTe8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LLY Risks.</b> The Fund invests in swap contracts that are based on the share price of LLY. This subjects the Fund to certain of the same risks as if it owned shares of LLY, even though it does not. By virtue of the Fund’s investments in swap contracts that are based on the value of LLY, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInLlyRiskMember_zhw0uBQjW2wc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in LLY Risk.</i> LLY is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of LLY but will be exposed to the performance of LLY (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LlyTradingRiskMember_zE0K8SGAmrEg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>LLY Trading Risk.</i> The trading price of LLY may be subject to volatility and could experience wide fluctuations due to various factors. The pharmaceutical industry, including LLY, operates within a market that has historically witnessed significant price and volume fluctuations, sometimes unrelated to the companies’ operating performance. Short sellers may also play a significant role in trading LLY, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence LLY’s stock price disproportionately, as LLY often receives heightened public attention regardless of its operational performance. Additionally, following periods of market volatility, companies, including LLY, have faced securities class action litigation. LLY has been subject to such litigation in the past and continues to defend against such actions. However, any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of LLY, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LlyPerformanceRiskMember_z3WvhxDFbYwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>LLY Performance Risk. </i>LLY may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of LLY to decline. LLY provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance LLY provides may not ultimately be accurate and has in the past been inaccurate in certain respects, such as the timing of new product manufacturing ramps. The guidance is based on certain assumptions such as those relating to global and local economic conditions, anticipated production and sales volumes (which generally are not linear throughout a given period), average sales prices, supplier and commodity costs, and planned cost reductions. If LLY’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by LLY could decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PharmaceuticalIndustryRisksMember_zwlpLiV6Ob45" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pharmaceutical <span style="background-color: white">Industry Risks</span></i>: Pharmaceutical research and development are very costly and highly uncertain; LLY may not succeed in developing, licensing, or acquiring commercially successful products sufficient in number or value to replace revenues of products that have lost or will lose intellectual property protection or are displaced by competing products or therapies. LLY and LLY’s products face intense competition from multinational pharmaceutical companies, biotechnology companies, and lower-cost generic and biosimilar manufacturers, and such competition could have a material adverse effect on LLY’s business. LLY’s business is subject to increasing government price controls and other public and private restrictions on pricing, reimbursement, and access for LLY’s drugs, which could have a material adverse effect on LLY’s results of operations, reputation or business. Pharmaceutical products can develop safety or efficacy concerns, which could have a material adverse effect on LLY’s revenues, income, and reputation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRisksMember_zIsITAms0O52" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intellectual Property Risks</i>: LLY derives a significant percentage of its total revenue from relatively few products and sells products through increasingly consolidated supply chain entities, which may subject LLY to, or exacerbate, various risks. LLY depends on products with intellectual property protection for most of LLY’s revenues, cash flows, and earnings; the loss of effective intellectual property protection for certain of LLY’s products has resulted, and in the future is likely to continue to result, in rapid and severe declines in revenues for those products. LLY’s long-term success depends on intellectual property protection; if LLY’s intellectual property rights are invalidated, circumvented, or weakened, LLY’s business will be adversely affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsRisksMember_zstvggcWfE4j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operations Risks</i>: Failure, inadequacy, breach of, or unauthorized access to, LLY’s IT systems or those of LLY’s third-party service providers, unauthorized access to LLY’s confidential information, or violations of data protection laws, could each result in material harm to LLY’s business and reputation. Manufacturing, quality, or supply chain difficulties, disruptions, or shortages could lead to product supply problems. Reliance on third-party relationships and outsourcing arrangements could adversely affect LLY’s business. LLY’s use of artificial intelligence or other emerging technologies could adversely impact LLY’s business and financial results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternationalBusinessRisksMember_zXuYU8EZeN18" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>International Business Risks</i>: Uneven economic growth or downturns or international trade and other global disruptions, geopolitical tensions, or disputes could adversely affect LLY’s business and operating results. Changes in foreign currency rates, interest rate risks, and inflation affect LLY’s results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentRegulationandLitigationRisksMember_zKVNN7cg20Ul" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Government Regulation and Litigation Risks</i>: LLY faces litigation and investigations related to its products, how LLY price or commercialize its products, and other aspects of LLY’s business, which could adversely affect LLY’s business, and LLY is self-insured for such matters. LLY is subject to evolving and complex tax laws, which may result in additional liabilities and affect LLY’s results of operations. Regulatory compliance problems could be damaging to LLY.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zINP5EC1JkX9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zs4RJfLjkntj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 31.24%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 39.54% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 36.55%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.  </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zIv0R6NI8R62" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z3abBPmpwggb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk.</b> The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zGjZY61RbBuj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zDJVolmMaat7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zVRu7ggZpU6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zcLYP4zcqAR3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zmfsL9tjdgwg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zUxd47G07GE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z938uIERJtdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_znHbACWVKFJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zFNpnSgNUHa2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zJrYi9VdHOuc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zRZiD8BZmdH8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zPmSa3OjjEM1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_ztOqQHaxUBhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca Inc.(the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z1zcKpqAI2Ia" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z5O8WlrUdr9h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zQ22Uab2uBT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zvufcHynqmzj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_zxiFXBjKqEJ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zUJWElN6Ks71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zNNOUX2PLtag" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z1qeBsUh98a4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zVMaw4pPN6Y" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zxljH1I3ghT2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zqjUoRo4z7k3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z8y9963kJvK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zYucGLoEtWu3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000085136Member_zvU1Af5tIu3c">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000085136Member_zxo6OdrpwdQd">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000085136Member_zrAoq5eNRJj3">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000085136Member_zHMu73TqGLu3">https://www.defianceetfs.com</span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG MSTR ETF – FUND SUMMARY           Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zp4c0iD9FpCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of MicroStrategy Incorporated d/b/a Strategy (Nasdaq: MSTR) The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zm7r0pdSg4Kh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zIah1RJBzxk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zwAd6MYxaeme" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; display: none"> </td> <td style="border-bottom: black 1pt solid; display: none"> </td> <td style="border-bottom: black 1pt solid; display: none"> </td> <td colspan="2" id="xdx_495_20250826__20250826__oef--ClassAxis__custom--C000250002Member_zo6dwfyMg6Hl" style="border-bottom: black 1pt solid; display: none"><sup id="xdx_F52_zuQ9zrdnm5ef" style="display: none">1</sup></td> <td style="border-bottom: black 1pt solid; display: none"> </td></tr> <tr style="vertical-align: bottom"> <td id="xdx_989_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000085137Member_zM8x2gdvBHIe" style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="2" style="border-bottom: black 1pt solid"></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zuJ90gMSBzQh" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zCIION12HiZi" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zAWpWOoJxVUd" style="vertical-align: bottom"> <td colspan="2"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses (includes interest expense) </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zG1nuNWOA93c" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F42_zMlkg6oZzpyg">(2)</sup> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01</span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zXIEvOhh3014" style="vertical-align: bottom"> <td colspan="2"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F47_zgOiH2YvRe7j">(3) </sup> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.31</span></span></td> <td style="border-bottom: black 2.25pt double"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 5%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zKhP4KsfRJFk">(1)</sup> </span></span></td> <td style="width: 95%; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1B_zLnOIIgHgSYa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. </span></span></td></tr> <tr style="vertical-align: top"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zgUF3UYgpkuh">(2)</sup></span></span></td> <td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1C_zYVCZF29Y8ce" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20250826__20250826__dei--LegalEntityAxis__custom--S000085137Member_zp20OSLqUVG1">Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.</span></span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F01_zT4yGLG2IKCg">(3)</sup> </span></td> <td style="text-align: justify"><span id="xdx_F17_zxabmcev9jW8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0001 0.0001 0.0131 Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Expense Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zNu9NQpBpZud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDjmC32xWFD2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zZnc9YL7muN4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48A_eoef--ExpenseExampleYear01_zcFhkkeKrztk" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_z5CgpRU4Wto7" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td> <td id="xdx_484_eoef--ExpenseExampleYear05_zKFKXT1npSBf" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zmCMEsBeyFl1" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></span></td></tr> <tr id="xdx_412_20250826__20250826__oef--ClassAxis__custom--C000250002Member_z1i1wG2Zvt0h"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$133</span></span></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$415</span></span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$718</span></span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,579</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 133 415 718 1579 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zqMo2my7n7Jh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of August 14, 2024 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover was <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20250826__20250826__dei--LegalEntityAxis__custom--S000085137Member_zk0N4wxO40vj">4,006</span>% of the average value of its portfolio.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> 40.06 Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zFOKNdW20NUi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies</i>.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000085137Member_ztOje2v2arPk">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">MicroStrategy Incorporated d/b/a Strategy (“MSTR”)</span></b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSTR has two main strategies for its business operations. One is to acquire and hold bitcoin, while the other is to grow its enterprise analytics software business. MSTR is listed on the Nasdaq Global Select Market (“Nasdaq”). Per MSTR’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common equity held by non-affiliates of MSTR (based on the last reported sale price of its class A common stock on June 28, 2024 on Nasdaq) was approximately $23.499 billion. Additionally, per MSTR’s most recent 10-Q filing, digital assets represented approximately 99% of its total assets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSTR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by MSTR pursuant to the Exchange Act can be located by reference to the SEC file number 001-42509 through the SEC’s website at www.sec.gov. In addition, information regarding MSTR may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to MSTR or other securities of MSTR. The Fund has derived all disclosures contained in this document regarding MSTR from the publicly available documents. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to MSTR. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding MSTR is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MSTR (and therefore the price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning MSTR could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of MSTR.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH MICROSTRATEGY INCORPORATED D/B/A STRATEGY. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, MICROSTRATEGY INCORPORATED D/B/A STRATEGY.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, MicroStrategy Incorporated d/b/a Strategy has not participated in the development of the Fund’s investment strategy. MicroStrategy Incorporated d/b/a Strategy does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. MicroStrategy Incorporated d/b/a Strategy does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by MicroStrategy Incorporated d/b/a Strategy.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by MSTR or its affiliates. All rights in the trademarks are reserved by their respective owners.</b> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry as that assigned to MSTR. As of the date of the Prospectus, MSTR is assigned to the software industry.</span></span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MSTRRisksMember_zR6nNc458C24" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MSTR Risks.</b> The Fund invests in options contracts that are based on the value of MSTR. This subjects the Fund to certain of the same risks as if it owned shares of MSTR, even though it does not. By virtue of the Fund’s investments in options contracts that are based on the value of MSTR, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInMstrRiskMember_zy2kedbBk1Z8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in MSTR Risk.</i> MSTR is not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of MSTR but will be exposed to the performance of MSTR (the underlying stock). Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the underlying stock but will be subject to declines in the performance of the underlying stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MstrTradingRiskMember_zevuYqATQNt2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>MSTR Trading Risk.</i> The trading price of MSTR may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general, and the market for technology companies in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. In particular, a large proportion of MSTR may be traded by short sellers which may put pressure on the supply and demand for the common stock of MSTR, further influencing volatility in its market price. Public perception and other factors outside of the control of MSTR may additionally impact MSTR’s share price due to MSTR garnering a disproportionate degree of public attention, regardless of actual operating performance. In addition, in the past, following periods of volatility in the overall market and the market price of a particular company’s securities, securities class action litigation has often been instituted against companies such as these. Moreover, stockholder litigation like this has been filed against MSTR in the past. While MSTR continues to defend such actions, any judgment against MSTR, or any future stockholder litigation could result in substantial costs and a diversion of the management of MSTR’s attention and resources. If MSTR trading is halted, trading in Shares of the Fund may be impacted, either temporarily or indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MstrPerformanceRiskMember_zq5sUxapcUre" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>MSTR Performance Risk. </i>MSTR may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of MSTR to decline. MSTR provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance MSTR provides may not ultimately be accurate and has in the past been inaccurate in certain respects, such as the timing of new product manufacturing ramps. The guidance is based on certain assumptions such as those relating to global and local economic conditions, anticipated production and sales volumes (which generally are not linear throughout a given period), average sales prices, supplier and commodity costs, and planned cost reductions. If MSTR’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by MSTR could decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRiskMember_zHXkD3TllM8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Software Industry Risk. </i>The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinRiskMember_zYH9fjgkdBB7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Risk.</i> While the Fund will not directly invest in digital assets, it will be subject to the risks associated with Bitcoin by virtue of its investments in options contracts that reference MSTR. Investing in Bitcoin exposes investors (such as MSTR and, in turn, MSTR shareholders) to significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to Bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of Bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for Bitcoin and restrict its usage. Additionally, risks associated with the sale of newly mined Bitcoin, Bitcoin exchanges, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to Bitcoin-linked investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zkKYcEzoj6d7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zgzRR3YiHA28" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 4% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -30.9%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 48.1% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> <tr> <td style="width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 94.63%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 96.88% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 102.65%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zhTwcgRQcOia" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zCIY0sdZLHO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zEBd81cSoami" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zGtJahhVt9r6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zSmPDLTVMcsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zt8HylWglk69" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zOysnqFyaY0d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zGngDGtgamXc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z9cHT6M1mBkk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_z8DhSd8Igoif" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z2Sb9U7XGTng" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zpLgmiPkq7t7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zCshqi4TklH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zlmdMFyKODW8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zMdWpW2Z28Bi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zk8oQtE7heT" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zsbmLGTnKm1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zhU83XQpf0w" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zxZqN62RlDRf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_zbKeTt8W6ne3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zVwcubskJn31" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zs7FdA7iBt74" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zr4gakJm9WXb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zMwVWZpkUMl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zjFZc49VyFMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zjYeol936YK5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zM8Bby8jEQs1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zpyxubr0NElh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000085137Member_zernX3rtuati">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000085137Member_zkVjvuxwVnvb">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000085137Member_z7481XWh8eOk">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000085137Member_zTpSpLFaTjx2">https://www.defianceetfs.com</span></span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG NVO ETF – FUND SUMMARY           Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zgjtQCCoOtTi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of NOVO Nordisk A/S - ADR (NYSE: NVO) The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zw3VDJovKMc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zCMCBidD8yd1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z9pqiGSFlS49" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" id="xdx_98A_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000085138Member_zB4jOeJRPxC8" style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="2" id="xdx_49D_20250826__20250826__oef--ClassAxis__custom--C000250003Member_zNkbXMoVYi1j" style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span><sup id="xdx_F50_zmmiFdaYfq1j" style="display: none">1</sup></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zd0Eu2yFYLmh" style="vertical-align: bottom"> <td colspan="2"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zUdMpL3KGqNf" style="vertical-align: bottom"> <td colspan="2"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zvGfsn1dZb11" style="vertical-align: bottom"> <td colspan="3"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4B_zBrZjlY043Rb">(2)</sup> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zIPBu4UynR54" style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F47_zXKR4xEjlwK1">(2)(3)</sup> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01</span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zdTtimrVYs6h" style="vertical-align: bottom"> <td colspan="3"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F46_zzDR9CRxQ5X6">(4) </sup> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.30</span></span></td> <td style="border-bottom: black 2.25pt double"><p style="margin-top: 0; margin-bottom: 0"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></p></td></tr> <tr style="vertical-align: bottom"> <td colspan="3"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: transparent"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zSHYEwTSDlZj">(1)</sup></span></span></td> <td colspan="6" style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F19_zUscDWQlXORk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. </span></span></td></tr> <tr style="vertical-align: top; background-color: transparent"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_z6cMgaYs4IH7">(2)</sup></span></td> <td colspan="6" style="text-align: justify"><span id="xdx_F18_zb5xwhwOgD47" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20250826__20250826__dei--LegalEntityAxis__custom--S000085138Member_zRhNnHrhZiEj">Based on estimated amounts for the current fiscal year.</span> </span></td></tr> <tr style="vertical-align: top; background-color: transparent"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_z8KTMDwKVgRj">(3)</sup></span></span></td> <td colspan="6" style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1F_z95zuW4J6Og5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20250826__20250826__dei--LegalEntityAxis__custom--S000085138Member_zCWb4KTcFrk7">Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies.</span> </span></span></td></tr> <tr style="vertical-align: top; background-color: transparent"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_zidXsPmSXbth">(4)</sup></span></span></td> <td colspan="6" style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F15_zGNsEwuHFdzd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></span></td></tr> <tr> <td style="width: 4%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="width: 83%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="width: 9%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0001 0.0130 Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zOfMMbE5esp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zc8XaIH7PwOa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zqWWG3ASIRE8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_z1cPIip9Glbh" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_z6Ho2GOo0DGl" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td></tr> <tr id="xdx_41B_20250826__20250826__oef--ClassAxis__custom--C000250003Member_zHwWTmphxdjh" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$132</span></span></td> <td style="border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$412</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 132 412 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zqPcmeitLYm8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of December 2, 2024 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover was <span id="xdx_90A_eoef--PortfolioTurnoverRate_dp_c20250826__20250826__dei--LegalEntityAxis__custom--S000085138Member_zOzgtwYaD978">508</span>% of the average value of its portfolio.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> 5.08 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zeS6jm2Wt7d4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies</i>.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000085138Member_zekxo5NKTsBj">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOVO Nordisk A/S - ADR (“NVO”)</span></b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOVO Nordisk A/S (“Novo Nordisk”) is a Danish global pharmaceutical company. Novo Nordisk manufactures and markets pharmaceutical products and services, specifically to provide diabetes care and other chronic conditions like obesity, hemophilia, and growth disorders. It is also involved with hemostasis management, growth hormone therapy, and hormone replacement therapy. The Fund will seek to achieve its objective with respect to Novo Nordisk’s American Depositary Receipt (NYSE: NVO).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The Fund will enter into swap agreements based on the Underlying Security, which is an ADR. ADRs provide U.S. investors access to foreign stocks on domestic exchanges but can exhibit pricing differences compared to the underlying foreign stocks. These differences stem from factors such as currency fluctuations, market dynamics, liquidity variances, and tax implications. Additionally, corporate actions and ADR fees and expenses can contribute to disparities in pricing between ADRs and the foreign stocks they represent.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NVO ADRs are listed on the New York Stock Exchange (“NYSE”). Per NOVO Nordisk’s most recent Form 20-F filing for the fiscal year ending December 31, 2024, the total number of NVO ADRs outstanding was 440,748,211 representing approximately 13.82% of the issued B share capital outstanding (excluding treasury shares and shares held by Novo Holdings A/S) as of such date. Per the same filing, based on available sources of information, as of December 31, 2024 it was estimated that share capital (including A and B share capital) was geographically distributed in the following manner: 38% Denmark, 28% North America, 3% UK, and 31% Other.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOVO Nordisk is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC related to NVO pursuant to the Exchange Act can be located by reference to the SEC file number 333-82318 through the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, information regarding NOVO Nordisk may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of NVO or other securities of NVO. The Fund has derived all disclosures contained in this document regarding NVO from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to NVO. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding NVO is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of NVO (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning NVO could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of NVO.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH NOVO NORDISK A/S. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, NOVO NORDISK A/S.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, NOVO Nordisk A/S has not participated in the development of the Fund’s investment strategy. NOVO Nordisk A/S does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. NOVO Nordisk A/S does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by NOVO Nordisk A/S.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by NOVO Nordisk A/S or its affiliates. All rights in the trademarks are reserved by their respective owners.</b> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, NVO is assigned to the pharmaceutical industry.</span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NVORisksMember_zAh4L4KODFQf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NVO Risks.</b> The Fund invests in swap contracts that are based on the share price of NVO. In turn, the share price of NVO is based on the performance of NVO Nordisk. This subjects the Fund to certain of the same risks as if it owned shares of NVO (or NVO Nordisk), even though it does not. By virtue of the Fund’s investments in swap contracts that are based on the value of NVO, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInNvoNordiskRiskMember_z7XSpzOpxI5i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in NVO Nordisk Risk.</i> NVO Nordisk is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of NVO Nordisk but will be exposed indirectly to the performance of NVO Nordisk (via NVO, the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NvoTradingRiskMember_zpRDZ2t0E3R1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>NVO Trading Risk.</i> The trading price of the Underlying Security may exhibit volatility and significant fluctuations due to various factors inherent in the semiconductor industry. This sector is susceptible to price and volume fluctuations, which may not always correlate with the companies’ operational performance. Short sellers may exert influence on trading dynamics, potentially impacting supply and demand dynamics and contributing to market price volatility. The Underlying Security’s share price may also be disproportionately affected by public perception and external factors beyond NVO Nordisk’ control, given its prominence in the industry. Such attention can lead to heightened market reactions regardless of NVO Holding’s operational performance. Furthermore, following periods of market volatility, NVO Nordisk and similar companies may face securities class action litigation, diverting management attention and resources. NVO Holding’s historical exposure to such litigation underscores the potential risks, as adverse judgments or future stockholder actions could result in significant costs. Moreover, in the event of a trading halt for the Underlying Security, trading in Shares of the Fund may be impacted, either temporarily or indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NvoPerformanceRiskMember_z51xV6JU1CT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>NVO Performance Risk. </i>NVO may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of NVO to decline. NVO provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance NVO provides may not ultimately be accurate and has in the past been inaccurate in certain respects, such as the timing of new product manufacturing ramps. The guidance is based on certain assumptions such as those relating to global and local economic conditions, anticipated production and sales volumes (which generally are not linear throughout a given period), average sales prices, supplier and commodity costs, and planned cost reductions. If NVO’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by NVO could decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PharmaceuticalIndustryRisksMember_zvP84HsZLC22" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pharmaceutical <span style="background-color: white">Industry Risks</span></i>: Pharmaceutical research and development are very costly and highly uncertain; NVO may not succeed in developing, licensing, or acquiring commercially successful products sufficient in number or value to replace revenues of products that have lost or will lose intellectual property protection or are displaced by competing products or therapies. NVO and NVO’s products face intense competition from multinational pharmaceutical companies, biotechnology companies, and lower-cost generic and biosimilar manufacturers, and such competition could have a material adverse effect on NVO’s business. NVO’s business is subject to increasing government price controls and other public and private restrictions on pricing, reimbursement, and access for NVO’s drugs, which could have a material adverse effect on NVO’s results of operations, reputation or business. Pharmaceutical products can develop safety or efficacy concerns, which could have a material adverse effect on NVO’s revenues, income, and reputation. Further, NVO may not be able to meet higher-than-expected demand or disruption of product supply due to, e.g. geopolitical instability or quality issues, may compromise product availability, ultimately impacting patients and representing a lost commercial opportunity. In addition, there could be risks related to safety and product liability. Competitive pressures, as well as market dynamics and geopolitical, macroeconomic or healthcare crises (e.g. pandemics) could lead to reduced payer ability and willingness to pay causing harm to NVO.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRisksMember_z2CtYAdsiy2d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intellectual Property Risks</i>: NVO derives a significant percentage of its total revenue from relatively few products and sells products through increasingly consolidated supply chain entities, which may subject NVO to, or exacerbate, various risks. NVO depends on products with intellectual property protection for most of NVO’s revenues, cash flows, and earnings; the loss of effective intellectual property protection for certain of NVO’s products has resulted, and in the future is likely to continue to result, in rapid and severe declines in revenues for those products. NVO’s long-term success depends on intellectual property protection; if NVO’s intellectual property rights are invalidated, circumvented, or weakened, NVO’s business will be adversely affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsRisksMember_zbUJH3ElNL4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operations Risks</i>: Failure, inadequacy, breach of, or unauthorized access to, NVO’s IT systems or those of NVO’s third-party service providers, unauthorized access to NVO’s confidential information, or violations of data protection laws, could each result in material harm to NVO’s business and reputation. Manufacturing, quality, or supply chain difficulties, disruptions, or shortages could lead to product supply problems. Reliance on third-party relationships and outsourcing arrangements could adversely affect NVO’s business. NVO’s use of artificial intelligence or other emerging technologies could adversely impact NVO’s business and financial results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternationalBusinessRisksMember_zmUfriTvA51e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>International Business Risks</i>: Uneven economic growth or downturns or international trade and other global disruptions, geopolitical tensions, or disputes could adversely affect NVO’s business and operating results. Changes in foreign currency rates, interest rate risks, and inflation affect NVO’s results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentRegulationandLitigationRisksMember_zJhkowEaEqRg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Government Regulation and Litigation Risks</i>: NVO faces litigation and investigations related to its products, how NVO price or commercialize its products, and other aspects of NVO’s business, which could adversely affect NVO’s business, and NVO is self-insured for such matters. NVO is subject to evolving and complex tax laws, which may result in additional liabilities and affect NVO’s results of operations. Regulatory compliance problems could be damaging to NVO.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zhrnyEpsf5el" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zu5RVXygl0u8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> <tr> <td style="width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 32.56%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 45.76% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 16.09%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.  </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zX3yAjLrkD9j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zrlLVsMVPZb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zYedRY5WnrGb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zf3oq2nkCOfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zGZu644inCha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zl6f9y32wd14" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_z4E5WegSJJrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z74yL2WJ9xrg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zSISsqil4kL7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zIDiywLSg3G1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zncikEyXLPY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zK9ROvOVzVBc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zgRNqmUqmed3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zGLxjTFIlMwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zAut2oRhL0Yj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zGV5EatoKPql" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zKqDhz5qBUJc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zuezQ7Z58N2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zUrkhQ88WBOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_zD6VVnbObpT6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zCqCxp9HKtig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zcG0U2n00J51" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zYF9t7U5EZfi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zvY74OIJMAa7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zR5t7L5nZRQa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_z8wvyZ0tRdn8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zIIz5BxJ3GZa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zPj8IswPrzw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000085138Member_zI3VwWTDAr58"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000085138Member_zUYRxQbTKZti">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span></span> <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000085138Member_zi616dgJyxph">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000085138Member_z2p47XJD7Us2">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000085138Member_z4vYboHSUN3e">https://www.defianceetfs.com</span></span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG AVGO ETF – FUND SUMMARY           Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_z9SI1BPYmsxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Broadcom Inc. (Nasdaq: AVGO) The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zVyWlzARk5i4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_z6iftl5ruKWc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zVH7nbiant3k" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_982_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000085139Member_z9EImYDwnMrl" style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="3" id="xdx_49B_20250826__20250826__oef--ClassAxis__custom--C000250004Member_zbXMhWlmBDXb" style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span><sup id="xdx_F5B_zTAZaPmLyDz3">1</sup></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_z7bSlKQrb41d" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="3" style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_zldeTVg5oQ36" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="3" style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zxKBllqNGtR5" style="vertical-align: bottom"> <td colspan="3"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zBPhPEM5Yoxl" style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4E_zgH6NeP6G7P2">(2)</sup> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01</span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zyXY4Hfvpd7l" style="vertical-align: bottom"> <td colspan="3"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F41_z2yTeUH7csma">(3) </sup> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.30</span></span></td> <td style="border-bottom: black 2.25pt double"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_zNaQ0fKQPSJ2">(1)</sup> </span></span></td> <td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F11_zEYQVg5mLpt6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zGsuc2m0Sny">(2)</sup></span></span></td> <td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1F_zsNFZRsoosq9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20250826__20250826__dei--LegalEntityAxis__custom--S000085136Member_zhhVfdcjRh36">Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.</span></span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_z6rqH2T7R3A6">(3)</sup> </span></td> <td style="text-align: justify"><span id="xdx_F1B_zWvWI99MihZ4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0001 0.0130 Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Expense Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zBfuRQAPxhk4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_ziPiVtEEIOz2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zJ75Zw5VxdTb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48C_eoef--ExpenseExampleYear01_zWT50CjbrgA3" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zErJxrGRVCE1" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_zA0cA4cAjUz7" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></span></td> <td id="xdx_483_eoef--ExpenseExampleYear10_zyrEtdTEvVtd" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></span></td></tr> <tr id="xdx_41E_20250826__20250826__oef--ClassAxis__custom--C000250004Member_zWJhry8gpiF8"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$132</span></span></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$412</span></span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$713</span></span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,568</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 132 412 713 1568 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zH2M134Lu6rc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of August 21, 2024 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover was <span id="xdx_907_eoef--PortfolioTurnoverRate_dp_c20250826__20250826__dei--LegalEntityAxis__custom--S000085139Member_zzJHAf7vDs64">1,661</span>% of the average value of its portfolio.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 16.61 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zn2wPtkwlqpg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies</i>.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000085139Member_zkgpxolzhYG">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Broadcom Inc. (“AVGO”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AVGO is a global technology company that designs, develops and supplies a broad range of semiconductor and infrastructure software solution. AVGO leverages global engineering expertise and an extensive patent portfolio to develop high-performance semiconductor devices and system-on-chip (SoC) solutions for niche markets, with applications ranging from data center networking to factory automation. AVGO’s infrastructure software and hybrid-cloud solutions, including those acquired with VMware, enable leading companies and government agencies to manage and secure complex IT environments, enhancing scalability, agility, and security. AVGO is listed on the Nasdaq Global Select Market (“Nasdaq”). Per AVGO’s most recent Form 10-K filing, the aggregate market value of the voting stock held by non-affiliates of AVGO (based on the last reported sale price of its common stock on May 3, 2024, on Nasdaq) was approximately $583.1 billion.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AVGO is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by AVGO pursuant to the Exchange Act can be located by reference to the SEC file number 001-38449 through the SEC’s website at www.sec.gov. In addition, information regarding AVGO may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of AVGO or other securities of AVGO. The Fund has derived all disclosures contained in this document regarding AVGO from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to AVGO. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding AVGO is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of AVGO (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning AVGO could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of AVGO.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH BROADCOM INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, BROADCOM INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Broadcom Inc. has not participated in the development of the Fund’s investment strategy. Broadcom Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Broadcom Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Broadcom Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by AVGO or its affiliates. All rights in the trademarks are reserved by their respective owners.</b> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, AVGO is assigned to the Semiconductors &amp; Semiconductor Equipment industry.</span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AVGORisksMember_z455KqtunxKi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AVGO Risks.</b> The Fund invests in swap contracts that are based on the share price of AVGO. This subjects the Fund to certain of the same risks as if it owned shares of AVGO, even though it does not. By virtue of the Fund’s investments in swap contracts that are based on the value of AVGO, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInAvgoRiskMember_z6PvHIOIGTcf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in AVGO Risk.</i> AVGO is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of AVGO but will be exposed to the performance of AVGO (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AvgoTradingRiskMember_ziKZIZHBvwxb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>AVGO Trading Risk.</i> The trading price of AVGO may be subject to volatility and could experience wide fluctuations due to various factors. The semiconductors industry, including AVGO, operates within a market that has historically witnessed significant price and volume fluctuations, sometimes unrelated to the companies’ operating performance. Short sellers may also play a significant role in trading AVGO, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence AVGO’s share price disproportionately, as AVGO often receives heightened public attention regardless of its operational performance. Additionally, following periods of market volatility, companies, including AVGO, have faced securities class action litigation. AVGO has been subject to such litigation in the past and continues to defend against such actions. However, any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a halt in trading of AVGO, trading in shares of related funds may be impacted, either temporarily or indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AvgoPerformanceRiskMember_zNSH1rWxBhWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>AVGO Performance Risk. </i>AVGO may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of AVGO to decline. AVGO provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance AVGO provides may not ultimately be accurate and has in the past been inaccurate in certain respects, such as the timing of new product manufacturing ramps. The guidance is based on certain assumptions such as those relating to global and local economic conditions, anticipated production and sales volumes (which generally are not linear throughout a given period), average sales prices, supplier and commodity costs, and planned cost reductions. If AVGO’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by AVGO could decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessandOperationalRiskMember_zT96Q31kvHue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business and Operational Risks. </i>AVGO faces numerous business and operational risks, including adverse global economic conditions that could negatively impact operations. Compliance with governmental regulations and trade restrictions may result in significant expenses, and failure to comply could lead to the cessation of product manufacture and distribution, administrative proceedings, and civil or criminal penalties. Global political and economic instability, along with the failure to realize expected benefits from the VMware Merger, further pose challenges. The company also encounters risks related to acquisitions, investments, joint ventures, and dispositions, which could adversely affect financial results. Additionally, dependency on senior management and the ability to attract and retain qualified personnel are critical to executing AVGO’s business strategy effectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologicalAndCybersecurityRisksMember_zw6Xa0Ovbjeg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Technological and Cybersecurity Risks. </i>AVGO is subject to technological and cybersecurity risks, including potential impairments to the confidentiality, integrity, or availability of IT systems and those of corporate infrastructure vendors, which could have a material adverse effect on the business. Operating in the highly cyclical semiconductor industry, AVGO’s sales are largely dependent on a small number of customers, and any reduction in demand or loss of significant customers could adversely affect the business. Reliance on contract manufacturing and suppliers of critical components within the supply chain, along with the need to purchase materials from a limited number of suppliers, may impact AVGO’s ability to bring products to market. Furthermore, failure to adjust manufacturing and supply chains to meet customer demand accurately could adversely affect operational results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LegalEnvironmentalAndMarketRisksMember_zKbwf1kGtOQd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Legal, Environmental, and Market Risks. </i>AVGO is involved in various legal proceedings, including intellectual property, securities litigation, and employee-related claims, which could adversely affect the business. The company’s growth in the software segment depends on customer acceptance of newer products and services, and incompatibility with operating environments or third-party products could decrease demand. Failure to enter into satisfactory software license agreements and the availability of licensed third-party software are additional concerns. Environmental, social, and governance (ESG) matters, compliance with privacy and data security laws, and adherence to environmental, health, and safety regulations could increase costs and restrict operations. Rapidly decreasing average selling prices of semiconductor products and fluctuations in foreign exchange rates also pose significant risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialAndStockrelatedRisksMember_zt7pJ2Y0MPe4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial and Stock-Related Risks. </i>AVGO’s financial health is affected by substantial indebtedness, which could hinder the ability to execute business strategies. Instruments governing indebtedness impose restrictions, and servicing debt requires significant cash flows, potentially impacting business operations. The volatility of AVGO’s stock price may result in substantial losses for investors and trigger class action litigation against the company and its management. Stock repurchase fluctuations, the concentration of stock held by a small number of large investors, and uncertainties regarding the continuation of cash dividends further contribute to financial risks. Changes in tax legislation, the maintenance of tax concessions, and potential tax liabilities from VMware’s former association with Dell also significantly impact AVGO’s financial position and operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorIndustryRisksMember_zqK7t57XsnM1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Semiconductor Industry Risks. </i>Semiconductor companies may face intense competition, both domestically and internationally, 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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 companies.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zE88varnujx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zRYPwDzr1BIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 40.25%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 61.42% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 54.26%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zN7hl79LJPgc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zbrpBRIrO9Sd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zhQ1mU7Y6ec" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_z1VCCScbg4Wg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zKB5yjMOKrzb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z84O6AqrE7g2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_z1qJUwqIf19j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zL9eXWTC6wKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z044vYOSFRF7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zgXLaON7ciCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zWPucXZ5JHk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zC7RlnHdismk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zQB5GgjToaVi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zTrBvOBrItt3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zrIK9c8Uuv44" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQz1RTdSvvVc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zbRUOWg0Qn3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign market<b>.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zPYIHJLwPDVc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater nber of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zEYbufM9Ji84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_zGoVUNc3xKw2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z2ap7vDR94C9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_z2XUxxZH3p9f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z7q2exmXR3X6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zonRHi9m1s32" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z6Ye73K85Q8b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zAvXX5g5wlP7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z33n4de8Mi54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zWcv5kCLpcZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000085139Member_ztk3HuDP00W3">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000085139Member_zVFlUyIVnQU8">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000085139Member_z0OmtkOobYla">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000085139Member_zmcL8ugxQGsi">https://www.defianceetfs.com</span></span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG SMCI ETF – FUND SUMMARY           Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zOvVxTxQF1dk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Super Micro Computer, Inc. (Nasdaq: SMCI) The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_z0i2eCUXcxj3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_z5KjBdqUvDMk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zo2P0VbQzI8i" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_984_eoef--OperatingExpensesCaption_c20250826__20250826__dei--LegalEntityAxis__custom--S000085140Member_zqQ0GfzYHMF7" style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)</b></span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="2" id="xdx_499_20250826__20250826__oef--ClassAxis__custom--C000250005Member_zHN06HdmIm1g" style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <sup id="xdx_F5E_zf3TPW0Pioqk" style="display: none; visibility: hidden">1</sup></span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zP5tM4Fbtm4" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGP3u7doZh29" style="vertical-align: bottom"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_z5iFjGLiAFj7" style="vertical-align: bottom"> <td colspan="2"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses (includes interest expense) </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.13</span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zrzmKjZR25t7" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4E_zH1HDPPGOwl">(2)</sup> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01</span></span></td> <td style="border-bottom: black 1pt solid"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zEkr4yzXVqLc" style="vertical-align: bottom"> <td colspan="2"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4A_zMvU81Hu5fA3">(3) </sup> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.43</span></span></td> <td style="border-bottom: black 2.25pt double"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_zI9xSjGhwNif">(1)</sup></span></span></td> <td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F15_zJejrEPumr69" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. </span></span></td></tr> <tr style="vertical-align: top"> <td><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zoe45HZrZ57">(2)</sup></span></span></td> <td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F15_zMHG1AmsyDLh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20250826__20250826__dei--LegalEntityAxis__custom--S000085140Member_zhUoQFAavnO2">Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.</span></span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_z1rhEp2o9Aq6">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F12_zjS9sbt6BzNc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0013 0.0001 0.0143 Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Expense Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zMamEpiDL4Wj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkzV8CnRMy0b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zmASL7zkA5d2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_485_eoef--ExpenseExampleYear01_zvKqLbdHMhkb" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zbAroSoaWiQ4" style="border-top: black 1pt solid; vertical-align: bottom; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></span></td> <td id="xdx_480_eoef--ExpenseExampleYear05_z66VoU2J2SDe" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></span></td> <td id="xdx_486_eoef--ExpenseExampleYear10_zVIFKsrekUf1" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></span></td></tr> <tr id="xdx_41B_20250826__20250826__oef--ClassAxis__custom--C000250005Member_zkkVwMIRd8d"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$146</span></span></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$452</span></span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$782</span></span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,713</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 146 452 782 1713 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zWKeTEpvL4hj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of August 21, 2024 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover was <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20250826__20250826__dei--LegalEntityAxis__custom--S000085140Member_zONaG0SFgWqc">2,869</span>% of the average value of its portfolio.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> 28.69 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_z9Rq7Gi2Is13" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies</i>.”</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--StrategyPortfolioConcentration_c20250826__20250826__dei--LegalEntityAxis__custom--S000085140Member_z9yGkjdyF1O3">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result in a high annual portfolio turnover rate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Super Micro Computer, Inc. (“SMCI”)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMCI designs and manufactures high-performance computer server solutions, storage systems, and networking devices for a diverse range of customers, including data centers, cloud computing providers, and enterprises. SMCI’s offerings encompass scalable and customizable hardware solutions for various workloads. SMCI is listed on the Nasdaq Global Select Market (“Nasdaq”). Per SMCI’s most recent Form 10-K filing, the aggregate market value of the common stock held by non-affiliates of SMCI (based on the last reported sale price of its common stock on December 31, 2023 on Nasdaq) was approximately $13.5 billion.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMCI is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by SMCI pursuant to the Exchange Act can be located by reference to the SEC file number 001-33383 through the SEC’s website at www.sec.gov. In addition, information regarding SMCI may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of SMCI or other securities of SMCI. The Fund has derived all disclosures contained in this document regarding SMCI from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to SMCI. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding SMCI is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SMCI (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning SMCI could affect the value received with respect to the securities and therefore the value of the securities.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of SMCI.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH SUPER MICRO COMPUTER, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, SUPER MICRO COMPUTER, INC.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moreover, Super Micro Computer, Inc. has not participated in the development of the Fund’s investment strategy. Super Micro Computer, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Super Micro Computer, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Super Micro Computer, Inc.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by SMCI or its affiliates. All rights in the trademarks are reserved by their respective owners.</b> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, SMCI is assigned to the Technology Hardware, Storage &amp; Peripherals  industry.</span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SMCIRisksMember_z9qnpIdogtWf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMCI Risks.</b> The Fund invests in swap contracts that are based on the share price of SMCI. This subjects the Fund to certain of the same risks as if it owned shares of SMCI, even though it does not. By virtue of the Fund’s investments in swap contracts that are based on the value of SMCI, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInSmciRiskMember_zB7oSZUBnog8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in SMCI Risk.</i> SMCI is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of SMCI but will be exposed to the performance of SMCI (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmciTradingRiskMember_zWZarPDptvX6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SMCI Trading Risk.</i> The trading price of SMCI may demonstrate volatility and wide fluctuations due to various factors inherent in the technology industry. Unlike some other sectors, the technology industry, including SMCI, is prone to significant price and volume fluctuations, occasionally unrelated to operational performance. Short sellers may also play a significant role in trading SMCI, impacting supply and demand dynamics and contributing to market price volatility. Moreover, external factors and public perception may disproportionately influence SMCI’s share price within the technology sector, with heightened public attention notwithstanding operational performance. Furthermore, SMCI, like other tech companies, may encounter securities class action litigation during periods of market volatility, potentially resulting in substantial costs and diverting management’s attention and resources. In the event of a trading halt for SMCI, trading in Shares of the Fund may be impacted, either temporarily or indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmciPerformanceRiskMember_zzKm8z0R9tI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SMCI Performance Risk. </i>SMCI may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of SMCI to decline. SMCI provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance SMCI provides may not ultimately be accurate and has in the past been inaccurate in certain respects, such as the timing of new product manufacturing ramps. The guidance is based on certain assumptions such as those relating to global and local economic conditions, anticipated production and sales volumes (which generally are not linear throughout a given period), average sales prices, supplier and commodity costs, and planned cost reductions. If SMCI’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by SMCI could decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DelistingRiskMember_zB2BUkvUi7cc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Delisting Risk. </i>Super Micro Computer, Inc. previously announced that it had received a notification letter from Nasdaq, dated September 17, 2024, indicating that the company was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the SEC. This notice was triggered by SMCI’s delay in filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2024. On February 25, 2025, SMCI filed its Form 10-K, along with its Quarterly Reports on Form 10-Q for the first and second quarters of its fiscal year 2025, thereby regaining compliance with Nasdaq’s reporting requirements. While SMCI is currently in good standing with respect to Nasdaq listing standards, there can be no assurance that it will continue to meet its reporting obligations in a timely manner in the future. Any future failure to comply with Nasdaq’s listing requirements, including timely filings, could result in SMCI’s common stock being delisted from Nasdaq, which would prevent the Fund from continuing to operate.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndExecutionRiskMember_zIlSEYMr3eka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operational and Execution Risk.</i> Adverse economic conditions may adversely affect SMCI’s business operations. Ongoing events in eastern Europe and the Taiwan Strait pose challenges and risks to SMCI, potentially impacting its business, financial condition, and operating results. Quarterly operating results have historically fluctuated and are likely to continue doing so in the future. Predicting revenue and margins for specific periods is challenging, and any revenue shortfall or margin decline may negatively impact SMCI’s operating results. As SMCI targets larger customers and sales opportunities, its customer base may become more concentrated, increasing costs, lowering margins, and exposing the company to inventory risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--StrategicAndIndustryRisksMember_zsGtKfCLPcX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Strategic and Industry Risks. </i>Failure to manage the expansion of international manufacturing capacity and business operations could harm SMCI’s business. Additionally, managing growth and expansion effectively is crucial for SMCI’s success. Expansion into markets outside the United States exposes SMCI to inherent risks associated with international business operations. Development of new products and enhancements to existing products is vital for SMCI’s growth; failure to predict or respond to emerging technological trends and changing customer needs may adversely affect its market share and operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LegalAndRegulatoryRisksMember_zbjUrGwxcbD1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Legal and Regulatory Risks.</i> SMCI is subject to complex and evolving laws and regulations concerning privacy, data protection, and other matters due to the nature of its products and services. Compliance with environmental, health, and safety laws and regulations is essential for SMCI due to its operations involving regulated materials. Failure to maintain effective internal control over financial reporting may lead to investor loss of confidence and decrease the market price of SMCI’s common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialRisksMember_z0ITzEIWsTn6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial Risks. </i>SMCI’s research and development expenditures are considerably higher than those of many competitors, impacting its financial performance. Future effective income tax rates could be affected by changes in operations and income among different geographic regions and changes in domestic and foreign income tax laws. Backlog does not significantly contribute to SMCI’s net sales in any quarter.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralRisksMember_zyHWnSmjrr0e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General Risks.</i> Climate change reporting and product certification are increasingly sought by customers and regulators and there is the risk that SMCI’s products may not be perceived as supporting climate change mitigation efforts in the IT sector. Natural disaster events, including those related to climate change, may impact SMCI’s business and operations. Risks associated with the use of AI by SMCI’s workforce may arise. Expectations regarding environmental, social, and governance considerations expose SMCI to potential liabilities, reputational harm, and other unforeseen adverse effects on its business.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologyHardwareStorageAndPeripheralsIndustryRiskMember_zyVgOnV8uu4l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Technology Hardware, Storage &amp; Peripherals Industry Risk.</i><b> </b>Technology hardware, storage and peripherals companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by these companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of technology hardware companies depends in substantial part on the timely and successful introduction of new products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many of these companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by the companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies’ technology.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zhxlOP2Vd8Tl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z0VUhAP501r2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and 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 very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2025 was 79.13%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 116.26% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 76.78%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.  </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_znmYYCAu4gGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. 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 the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zGeY2rd69X1b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk</b>. The Fund obtains investment exposure 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 is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zdsXHmMT5vsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zY34JOLGmARk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zbGmL3ATBz1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zWr9sdsQltel" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase 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 investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntraDayInvestmentRiskMember_zQu1nxB3G6Kb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z7ojCQAAWq23" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zZQYYzlKtGJ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion 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 the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_z4YOGnuIUSdf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zIbd71HrdwV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zrCDQTXLOppa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk. </i>The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zf8t5H4ZFAD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zYu0SuDY9Ak5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z9ulomAewwm2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ze6t9pV7KDri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z2GzvkYjiL9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign market.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_z6xh5Kn8bY5j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zpaaxzKer943" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskOneMember_z6WYG5g2FSi3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security 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 a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z17bnKE81uba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_z6wdAJhj3BKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record on which to base their investment decisions.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zt9S6TAteJR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z2szdji4Yryb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z4GfCeEoPG8j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zf3aOdRGIUF" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zSqjYUyBwWU4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zaVakWLte157" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20250826__20250826__dei--LegalEntityAxis__custom--S000085140Member_zRVe5Rc77Jfj">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250826__20250826__dei--LegalEntityAxis__custom--S000085140Member_zy36pxANq9T2">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20250826__20250826__dei--LegalEntityAxis__custom--S000085140Member_zCUckY9qaRL7">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20250826__20250826__dei--LegalEntityAxis__custom--S000085140Member_zcYx0ARbJTLf">https://www.defianceetfs.com</span></span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year, including broker expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year, including broker expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year, including broker expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year, including broker expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year, including broker expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year, including broker expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year, including broker expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year, including broker expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year, including broker expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year, including broker expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year, including broker expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.