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id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zk87NDVTyOJg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of BRR. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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_zC5yc8opErLf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zFX2ASIyo2ok" style="font: 10pt Times New 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_98E_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095474Member_z7semeUCTIy3" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_980_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264197Member_fKDEp_ztAJTIY5vMZ9" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_98B_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264197Member_zZJkgiV388q9" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_98B_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264197Member_fKDIp_zUJSWsjcHXF4" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_980_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264197Member_fKDMp_zXULqvtnS5Pa" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zmOPCiYeZJPj">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1B_zPYaNUmaDcr3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_zQ3Ppl80jpPj">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1F_zWEl8I40aRof" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095474Member_z2lQxZFHUqud">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zy6IugkF6IHl">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1F_zj2qIeTIReb8" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zlFrSuraMO82" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPpRfYtnitS7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zb44vYQN9VR4" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_48C_eoef--ExpenseExampleYear01_zzedu3EKxcL9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_z6FUHVEGuKl1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_410_20250924__20250924__oef--ClassAxis__custom--C000264197Member_ziixIqNHyuDf" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long BRR Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zH6v2FjflZF4" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_zeFnjd33GxOe" style="font: 10pt 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_903_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095474Member_z9BLKLRUO6tc">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of BRR on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on BRR or by investing directly in the common stock of BRR. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in BRR common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of BRR is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in BRR that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (BRR) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain BRR exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which BRR is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which BRR is assigned). As of the date of this prospectus, BRR is assigned to the financial services sector and the shell companies industry.</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 will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of BRR. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to BRR is consistent with the Fund’s investment objective. The impact of BRR’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of BRR has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of BRR has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Columbus Circle Capital Corp. I focuses on effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. BRR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Columbus Circle Capital Corp. I pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42653 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Columbus Circle Capital Corp. I may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, BRR is assigned to the financial services sector and the shell companies industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding Columbus Circle Capital Corp. I from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Columbus Circle Capital Corp. I is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of BRR have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Columbus Circle Capital Corp. I could affect the value of the Fund’s investments with respect to BRR and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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: 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of BRR on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zIzLrpIzoVff" style="font: 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>Effects of 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 200% of BRR’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 BRR during the 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 BRR volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) BRR volatility; b) BRR performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to BRR. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of BRR volatility and BRR performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to BRR; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of BRR.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher BRR volatility, the volatility of BRR may affect the Fund’s return as much as, or more than, the return of BRR. 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 BRR 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">As shown in the chart below, the Fund would be expected to lose 6.1% if BRR provided no return over a one-year period during which BRR experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if BRR’s return is flat. <b>For instance, if BRR’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of BRR and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of BRR. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRR is newly launched and began trading in calendar year 2025. As of the date of this prospectus, BRR does not have a track record of historical performance or daily volatility. Accordingly, no annualized performance or volatility data is available for prior years. The trading price of BRR’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of BRR’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently BRR’s 52-week high stock price was $16.25 on June 20, 2025, and its 52-week low stock price was $10.05 on August 15, 2025. BRR’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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 information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: bold 10pt Times New 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_zcUbfltvKeH9" style="font: 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 BRR 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 BRR, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if BRR subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if BRR does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with BRR and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--DerivativesRiskMember_zElQVUbgMXv1" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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_z1pJttQkAWJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_znkQgmvrmcKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. </span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zUb24POengY" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>FLEX Options</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. <span style="font-weight: normal">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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: bold 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--CounterpartyRiskMember_zRpQyP0t3Ld9" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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-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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of BRR, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z16Gq7ujAIb" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to BRR that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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_zDjpGCojXaEj" style="font: 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 leveraged 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 value of BRR at the market close on the first trading day and the value of BRR at the time of purchase. If BRR gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if BRR declines, the Fund’s net assets will decline by the same 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 multiple of BRR.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_z0N2TKab7Iv" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to BRR and therefore achieve its daily leveraged investment objective. The Fund’s exposure to BRR is impacted by BRR’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to BRR at the end of each day. The possibility of the Fund being materially over- or under-exposed to BRR increases on days when BRR is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) BRR. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with BRR. 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 BRR. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of BRR. Any of these factors could decrease the correlation between the performance of the Fund and BRR and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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 id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zcDrAX80aDxe" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_z8vWf2WvJYn2" style="font: 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>Indirect Investment Risk. </b>Columbus Circle Capital Corp. I is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Columbus Circle Capital Corp. I and make no representation as to the performance of BRR. Investing in the Fund is not equivalent to investing in BRR. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to BRR.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zpO4IMcKYtp" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--BrrInvestingRiskMember_zOujc0MniT8" style="font: 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>BRR Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, BRR faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of BRR common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of BRR’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. BRR is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--FinancialsSectorRiskMember_zwJo6dlEzDDc" style="font: 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>Financials Sector Risk. </b>Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs). Declining real estate values could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zhE5RBycpQuc" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Columbus Circle Capital Corp. I is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Columbus Circle Capital Corp. I is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, BRR is assigned to the financial services sector and the shell companies industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--RisksAssociatedWithInvestmentsInShellCompaniesMember_zyEDio4P1d2d"></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: 0.25in"></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><i>Risks Associated with Investments in Shell Companies</i></b><i>. </i>The Fund may invest in, or be exposed to, companies that are considered shell companies. Shell companies are typically entities with no or limited operations or significant assets and may be used for various corporate transactions, including reverse mergers or initial public offerings. Investments in shell companies may involve higher risks than investments in operating companies. These risks include limited financial information, minimal or no operating history, potentially less stringent regulatory oversight, and greater susceptibility to fraud or market manipulation. In addition, securities of shell companies may be subject to low trading volumes and greater price volatility, making them more difficult to value or sell at a desired time or price. The Fund’s exposure to shell companies could adversely affect its performance and liquidity.</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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zEy3od3ArEWk" style="font: 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--MoneyMarketInstrumentRiskMember_z3CWviysUXne" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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--LargecapitalizationCompanyRiskMember_zfTWjLgmtwU9" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_zpDclsA98elh" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with BRR. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that BRR value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the BRR. Under such circumstances, the market for BRR may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of BRR and may impact the ability of the Fund to achieve its investment objective.</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">In certain cases, the market for BRR and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of BRR and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_zXxwet5WwYvj" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with BRR and may incur substantial losses. If there is a significant intra-day market event and/or BRR experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zgBtvrXjLm47" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of BRR does not provide leveraged exposure to BRR and, as a result, if the Fund invests directly in common stock of BRR to a greater extent, the Fund may not achieve its 200% daily 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_znxvrXj3SHIe" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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--TaxRiskMember_zqTJbfvANmB1" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New 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__oef--RiskNondiversifiedStatusMember_zcScmWNLIHI3" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zxD55a0gmUak" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zAzbsnJ4M4vb"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zgbSZ4SEPHri"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zqGxUIWFw3Mb"></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: 0.25in"></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>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></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> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z6ikZSgENJ1g"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zqTWncxfqtE5"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z8oRjf1kbqa7" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zJXzUfJEhtU" style="font: 10pt 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_908_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095474Member_zTrbciOUyU1i">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095474Member_zmyEmLZ7s4K6">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095474Member_z9aFIqQKAdV3">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095474Member_zcfFH6qqajV9">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG LMND DAILY TARGET ETF         Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_znsV0J31MGw2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of LMND. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zWRe0B9vaGse"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zCWxcIPeKcp2"></div> <p style="font: 10pt Times New 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_98E_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095477Member_z1CvJgq61hN8" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_98B_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264200Member_fKDEp_zeCTc6kx6oE4" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_981_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264200Member_z8KP0R6c3sx4" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264200Member_fKDIp_z7xuqWrf2IB7" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_98E_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264200Member_fKDMp_zZ0TcnFuaq7g" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zyWDbpRgDZO9">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F14_zPKOL6GFmYRk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zaxXn4Ely5u8">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1B_zR9NFUBMQJac" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095477Member_z6DYLsdjzxad">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zwfFVU6DzOSg">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1D_zz2JkJT1ul02" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zWyG9eIz1Q6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_zxHsNEgXJmB2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zPJPirxQqQaj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_48B_eoef--ExpenseExampleYear01_z1G1en3fZaIg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zSU8ibSnbQ85" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_410_20250924__20250924__oef--ClassAxis__custom--C000264200Member_zBUrm2kRx1A6" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long LMND Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zfppmqq6Zqx7" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_A85_eoef--StrategyNarrativeTextBlock_zcSwwLBzJVDl" style="font: 10pt 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_904_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095477Member_zcWiFDAI0vPc">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of LMND on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on LMND or by investing directly in the common stock of LMND. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in LMND common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of LMND is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in LMND that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (LMND) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain LMND exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which LMND is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which LMND is assigned). As of the date of this prospectus, LMND is assigned to the financial services sector and the insurance – property and casualty industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of LMND. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to LMND is consistent with the Fund’s investment objective. The impact of LMND’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of LMND has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of LMND has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Lemonade, Inc. provides various insurance products including renters and homeowners, building, car, pet, and life insurance products, as well as landlord insurance products. LMND is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Lemonade, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39367 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Lemonade, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, LMND is assigned to the financial services sector and the insurance – property and casualty industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding Lemonade, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Lemonade, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of LMND have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Lemonade, Inc. could affect the value of the Fund’s investments with respect to LMND and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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: 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of LMND on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zRWQnYvsngzl" style="font: 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>Effects of 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 200% of LMND’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 LMND during the 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 LMND volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) LMND volatility; b) LMND performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to LMND. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of LMND volatility and LMND performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to LMND; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of LMND.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher LMND volatility, the volatility of LMND may affect the Fund’s return as much as, or more than, the return of LMND. 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 LMND 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">As shown in the chart below, the Fund would be expected to lose 6.1% if LMND provided no return over a one-year period during which LMND experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if LMND’s return is flat. <b>For instance, if LMND’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of LMND and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of LMND. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">LMND’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 107.98%. LMND’s annualized daily volatility rates were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020       220.56% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021       77.81% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022       87.46% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023       86.82% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024       80.76%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Volatility for a shorter period of time may have been substantially 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LMND’s annualized performance for the five-year period ended December 31, 2024 was 5.35%. Historical volatility and performance are not indications of what LMND volatility and performance will be in the future. The trading price of LMND’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of LMND’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently LMND’s 52-week high stock price was $60.41 on August 13, 2025, and its 52-week low stock price was $15.27 on October 9, 2024. LMND’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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 information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: bold 10pt Times New 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--LeverageRiskMember_zJRYStwOwTkf" style="font: 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 LMND 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 LMND, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if LMND subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if LMND does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with LMND and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zLtAhG9zFFye" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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--SwapAgreementsMember_zcgEiYO4P9cj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_zDdxazYfdZi2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. </span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zw7EmYoHMGGh" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>FLEX Options</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. <span style="font-weight: normal">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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: bold 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--CounterpartyRiskMember_zu3d8oGrMOwd" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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-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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of LMND, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zsmxYymmCLLj" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to LMND that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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_zy9zT7KRbxHc" style="font: 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 leveraged 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 value of LMND at the market close on the first trading day and the value of LMND at the time of purchase. If LMND gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if LMND declines, the Fund’s net assets will decline by the same 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 multiple of LMND.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_z53RJzIH5r1e" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to LMND and therefore achieve its daily leveraged investment objective. The Fund’s exposure to LMND is impacted by LMND’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to LMND at the end of each day. The possibility of the Fund being materially over- or under-exposed to LMND increases on days when LMND is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times 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 style="font: 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) LMND. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with LMND. 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 LMND. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of LMND. Any of these factors could decrease the correlation between the performance of the Fund and LMND and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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 id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zBu6FdOVX1H7" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_zm0NlheT8xb2" style="font: 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>Indirect Investment Risk. </b>Lemonade, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Lemonade, Inc. and make no representation as to the performance of LMND. Investing in the Fund is not equivalent to investing in LMND. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to LMND.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zribypV5kikc" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--LmndInvestingRiskMember_zaoe9xzBugtg" style="font: 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>LMND Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, LMND faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of LMND common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of LMND’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. LMND is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--FinancialsSectorRiskMember_za8encd0LcSh" style="font: 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>Financials Sector Risk. </b>Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs). Declining real estate values could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--IndustryConcentrationRiskMember_z4L5K7tLpSjc" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Lemonade, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Lemonade, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, LMND is assigned to the financial services sector and the insurance – property and casualty industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--RisksAssociatedWithInvestmentsInPropertyAndCasualtyInsuranceCompaniesMember_zmuzweUcFeSe"></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: 0.25in"></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>Risks Associated with Investments in Property and Casualty Insurance Companies. </i>The Fund may invest in issuers operating in the property and casualty insurance industry, which are subject to extensive regulation and are affected by a variety of factors that may impact their profitability and valuation. These include the frequency and severity of catastrophic events (such as hurricanes, wildfires, or earthquakes), changes in loss reserve estimates, underwriting risk, pricing competition, claims inflation, and shifts in regulatory or legal environments. Property and casualty insurers may also be sensitive to changes in interest rates, as investment income is a key component of their earnings. Additionally, adverse economic conditions may reduce demand for coverage or increase the incidence of claims. As a result, the performance of the Fund could be negatively affected by its exposure to this industry.</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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zfv7XBf9Pn19" style="font: 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zO8pkIXcwsul" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationCompanyRiskMember_zr6yjp72JWci" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_zHLQ5Vsz30Vg" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with LMND. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that LMND value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the LMND. Under such circumstances, the market for LMND may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of LMND and may impact the ability of the Fund 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 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">In certain cases, the market for LMND and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of LMND and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_zsj1FxZzK2Lb" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with LMND and may incur substantial losses. If there is a significant intra-day market event and/or LMND experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zf9PspKFszNa" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of LMND does not provide leveraged exposure to LMND and, as a result, if the Fund invests directly in common stock of LMND to a greater extent, the Fund may not achieve its 200% daily 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--CashTransactionRiskMember_zarc719ziA5d" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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_zQHgcNaZskMk" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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__oef--RiskNondiversifiedStatusMember_zNx5zLFoLzV2" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zCBUFDD3imQ7" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zPNh5Bsuknf9"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zqCUzuDE4KB8"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_znfQJ4hSLbx6"></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: 0.25in"></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>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></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> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zrwWvzpBMcG8"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z3GHzf6HHX35"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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--NewFundRiskMember_z2LZ989cQE55" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_ztiz6edpzGbg" style="font: 10pt 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_90E_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095477Member_z5uRnv4yIDs">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095477Member_zSB3XX4sWsD6">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095477Member_zNPG4IJJbiod">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095477Member_zTLyIwA2O5O6">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG OSCR DAILY TARGET ETF         Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zyG5fg5HS5S1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of OSCR. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zlOANBcNexMc"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zuErZZm1cxHk" style="font: 10pt Times New 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_98B_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095478Member_zznlcXPTBD06" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_98A_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264201Member_fKDEp_zmd4J7Sf8bVe" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_987_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264201Member_zxuOTkck2Vxf" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_984_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264201Member_fKDIp_zQq3qgL6sNfa" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_980_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264201Member_fKDMp_zyjqdrDcmMM1" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F00_zpO9BqG3cBx7">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1B_zhu7l98MLTvj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zeR8mxf6ZGF">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F12_zJeehdggrOF" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095478Member_zpsxXNaWbdw3">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F00_z1r4LsghKKni">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1A_ztqN6u0hOdv8" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_ztLpMKSvACS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7u3djn2RPn7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zirR20yATaf8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_480_eoef--ExpenseExampleYear01_zHgaOn9RCVF2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zJEdCcB2WNub" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_41C_20250924__20250924__oef--ClassAxis__custom--C000264201Member_z5ktuyKF5brl" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long OSCR Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zo37U2qmJ3Nd" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_A80_eoef--StrategyNarrativeTextBlock_z8tQqup60Y88" style="font: 10pt 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_907_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095478Member_zlWi9oAgGzCj">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of OSCR on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on OSCR or by investing directly in the common stock of OSCR. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in OSCR common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of OSCR is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in OSCR that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (OSCR) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain OSCR exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which OSCR is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which OSCR is assigned). As of the date of this prospectus, OSCR is assigned to the healthcare sector and the healthcare plans industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of OSCR. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to OSCR is consistent with the Fund’s investment objective. The impact of OSCR’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of OSCR has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of OSCR has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Oscar Health, Inc. operates as a healthcare technology company and offers health plans to individuals, families, employees, and small group markets. OSCR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Oscar Health, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-40154 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Oscar Health, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, OSCR is assigned to the healthcare sector and the healthcare plans industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding Oscar Health, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Oscar Health, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of OSCR have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Oscar Health, Inc. could affect the value of the Fund’s investments with respect to OSCR and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of OSCR on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zyRKmVZw1aH" style="font: 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>Effects of 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 200% of OSCR’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 OSCR during the 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 OSCR volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) OSCR volatility; b) OSCR performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to OSCR. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of OSCR volatility and OSCR performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to OSCR; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of OSCR.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher OSCR volatility, the volatility of OSCR may affect the Fund’s return as much as, or more than, the return of OSCR. 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 OSCR 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">As shown in the chart below, the Fund would be expected to lose 6.1% if OSCR provided no return over a one-year period during which OSCR experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if OSCR’s return is flat. <b>For instance, if OSCR’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of OSCR and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of OSCR. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">OSCR’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 80.64%. OSCR’s annualized daily volatility rates were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021       75.95% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022       78.98% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023       91.92% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024       72.72%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Volatility for a shorter period of time may have been substantially 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OSCR’s annualized performance for the five-year period ended December 31, 2024 was -24.25%. Historical volatility and performance are not indications of what OSCR volatility and performance will be in the future. The trading price of OSCR’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of OSCR’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently OSCR’s 52-week high stock price was $23.79 on September 20, 2024, and its 52-week low stock price was $11.20 on April 21, 2025. OSCR’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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 information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: bold 10pt Times New 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_zVyHO5Nc86Vh" style="font: 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 OSCR 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 OSCR, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if OSCR subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if OSCR does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with OSCR and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zGO1Jqziz882" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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_zxe35eZ6Bmob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_zyHGl8e4xWw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsMember_zIXlsg84D3J6" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>FLEX Options</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. <span style="font-weight: normal">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></span></p> <p style="font: bold 10pt Times New 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--CounterpartyRiskMember_zz6RUiW1eP5i" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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-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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of OSCR, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z2a1cmJ5Amjl" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to OSCR that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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--IntradayInvestmentRiskMember_z1czhNKIrBmc" style="font: 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 leveraged 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 value of OSCR at the market close on the first trading day and the value of OSCR at the time of purchase. If OSCR gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if OSCR declines, the Fund’s net assets will decline by the same 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 multiple of OSCR.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_zFDgOB21Bdl9" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to OSCR and therefore achieve its daily leveraged investment objective. The Fund’s exposure to OSCR is impacted by OSCR’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to OSCR at the end of each day. The possibility of the Fund being materially over- or under-exposed to OSCR increases on days when OSCR is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) OSCR. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with OSCR. 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 OSCR. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of OSCR. Any of these factors could decrease the correlation between the performance of the Fund and OSCR and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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 id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zImMvEvOPs7i" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_zXEhy9IlODXj" style="font: 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>Indirect Investment Risk. </b>Oscar Health, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Oscar Health, Inc. and make no representation as to the performance of OSCR. Investing in the Fund is not equivalent to investing in OSCR. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to OSCR.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_z0kj1kehm7vg" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--OscrInvestingRiskMember_z5HljkUvv8Pj" style="font: 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>OSCR Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, OSCR faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of OSCR common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of OSCR’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. OSCR is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--HealthcareSectorRiskMember_zQpT7XEhxDf8" style="font: 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>Healthcare Sector Risk. </b>The Fund’s assets will be concentrated in the healthcare sector, which means the Fund will be more affected by the performance of the healthcare sector than a fund that is more diversified. Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zaVsSjTvMBZ7" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Oscar Health, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Oscar Health, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, OSCR is assigned to the healthcare sector and the healthcare plans industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--RisksAssociatedWithInvestmentsInHealthcarePlansAndHealthInsuranceCompaniesMember_zRFN8WPkr0Hj"></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: 0.25in"></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>Risks Associated with Investments in Healthcare Plans and Health Insurance Companies. </i>The Fund may invest in issuers engaged in providing managed healthcare services or health insurance plans. Companies in this sector are subject to extensive government regulation and oversight, which may impact their profitability and business operations. Changes in legislation or regulatory policy—such as healthcare reform initiatives, reimbursement rates, mandated benefits, and licensing requirements—can significantly affect revenues and costs. Additionally, these companies are exposed to risks related to medical cost trends, pricing pressure, utilization rates, litigation, and the ability to accurately estimate and manage claims liabilities. Economic downturns, pandemics, or shifts in enrollment patterns may also adversely impact performance. As a result, investments in healthcare plan providers may be volatile and could negatively affect the Fund’s returns.</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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zCqjDldGT5o4" style="font: 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zx0VkDoko3F4" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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--LargecapitalizationCompanyRiskMember_zeM3oLWu0DJ6" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_zbxUdmnXi8t2" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with OSCR. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that OSCR value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the OSCR. Under such circumstances, the market for OSCR may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of OSCR and may impact the ability of the Fund 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 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">In certain cases, the market for OSCR and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of OSCR and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_zP23Y23OPde8" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with OSCR and may incur substantial losses. If there is a significant intra-day market event and/or OSCR experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zNcuLNBMc35j" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of OSCR does not provide leveraged exposure to OSCR and, as a result, if the Fund invests directly in common stock of OSCR to a greater extent, the Fund may not achieve its 200% daily 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zUgK3hrCxQ06" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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_z4eWAGrUBRyd" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New 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__oef--RiskNondiversifiedStatusMember_zDPN3fFEeHgl" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zPQcaT5AUsWb" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zicFDPgjYRyb"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zNWwQKRb8WJl"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_znwd7bGOfDq9"></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: 0.25in"></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>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></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> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z2SWrLKL0Ly5"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zIw8mDTYEhHl"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zSFdKdDLB1Bf" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zhrcSP92Kpb" style="font: 10pt 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_90C_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095478Member_z4UdI4HNpIY8">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095478Member_zMWYQ8m1nyC6">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095478Member_znQz7rm17ZPk">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095478Member_zCSC2GXw6o01">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG OUST DAILY TARGET ETF         Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zjdtXKQz3Q9g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of OUST. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A86_eoef--ExpenseNarrativeTextBlock_z0wZArGtT6D6"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zCj6DdYBo0H7" style="font: 10pt Times New 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_98C_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095465Member_z7pAv81Vnfdk" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_98C_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264188Member_fKDEp_zfigptdgu81g" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_984_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264188Member_zXbc6LspFz37" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_984_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264188Member_fKDIp_z2DmM216jNld" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_987_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264188Member_fKDMp_zcrnK5iSnEzl" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zL6jJLjcRYV4">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F15_zBd1mjiSZxv1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_zTWbxUozcRc6">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1B_zxkcKFHFnwSf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095465Member_z7aiZe9m5xW7">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F07_z5zyj1dE16He">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F18_zaYmRD5gDsph" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zOPq2sYlJlt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z62SKa2NizN2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zbfI6Gt1Xkbk" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_484_eoef--ExpenseExampleYear01_zSEF6p2clI37" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zpC42stFP7wj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_416_20250924__20250924__oef--ClassAxis__custom--C000264188Member_zyL25Kyh8vN5" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long OUST Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zuXOwJPsiMr5" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_zAdGluBf1weg" style="font: 10pt 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_90E_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095465Member_zPdGHaaEJnl">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of OUST on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on OUST or by investing directly in the common stock of OUST. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in OUST common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of OUST is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in OUST that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (OUST) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain OUST exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which OUST is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which OUST is assigned). As of the date of this prospectus, OUST is assigned to the technology sector and the electronic components industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of OUST. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to OUST is consistent with the Fund’s investment objective. The impact of OUST’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of OUST has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of OUST has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Ouster, Inc. provides lidar sensors for the automotive, industrial, robotics, and smart infrastructure industries in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. OUST is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Ouster, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39463 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Ouster, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, OUST is assigned to the technology sector and the electronic components industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding Ouster, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Ouster, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of OUST have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Ouster, Inc. could affect the value of the Fund’s investments with respect to OUST and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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: 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of OUST on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zIBXfytW4wj4" style="font: 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>Effects of 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 200% of OUST’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 OUST during the 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 OUST volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) OUST volatility; b) OUST performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to OUST. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of OUST volatility and OUST performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to OUST; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of OUST.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher OUST volatility, the volatility of OUST may affect the Fund’s return as much as, or more than, the return of OUST. 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 OUST 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">As shown in the chart below, the Fund would be expected to lose 6.1% if OUST provided no return over a one-year period during which OUST experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if OUST’s return is flat. <b>For instance, if OUST’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of OUST and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of OUST. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">OUST’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 93.88%. OUST’s annualized daily volatility rates were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020       94.78% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021       74.92% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022       89.81% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023       109.42% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024       97.75%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Volatility for a shorter period of time may have been substantially 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OUST’s annualized performance for the five-year period ended December 31, 2024 was -38.72%. Historical volatility and performance are not indications of what OUST volatility and performance will be in the future. The trading price of OUST’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of OUST’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently OUST’s 52-week high stock price was $36.25 on August 18, 2025, and its 52-week low stock price was $5.91 on September 25, 2024. OUST’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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 information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: bold 10pt Times New 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_z7pRqq8QM1ij" style="font: 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 OUST 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 OUST, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if OUST subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if OUST does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with OUST and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z9wndYB6K3vd" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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--SwapAgreementsMember_znsAQSdKzjMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_zDcgR6GLUWlk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. </span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zqvDF9QWw1bl" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>FLEX Options</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. <span style="font-weight: normal">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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: bold 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--CounterpartyRiskMember_zUUEOIS4NHN6" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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-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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of OUST, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zzwfDPum3JZ4" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to OUST that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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--IntradayInvestmentRiskMember_zu21X0g6bkB9" style="font: 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 leveraged 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 value of OUST at the market close on the first trading day and the value of OUST at the time of purchase. If OUST gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if OUST declines, the Fund’s net assets will decline by the same 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 multiple of OUST.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_zOUxH9umkFPh" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to OUST and therefore achieve its daily leveraged investment objective. The Fund’s exposure to OUST is impacted by OUST’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to OUST at the end of each day. The possibility of the Fund being materially over- or under-exposed to OUST increases on days when OUST is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) OUST. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with OUST. 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 OUST. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of OUST. Any of these factors could decrease the correlation between the performance of the Fund and OUST and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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 id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zxMxBE8JgNlg" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_zYHmEmRxI6m9" style="font: 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>Indirect Investment Risk. </b>Ouster, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Ouster, Inc. and make no representation as to the performance of OUST. Investing in the Fund is not equivalent to investing in OUST. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to OUST.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zEmG2dUYBffh" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--OustInvestingRiskMember_zAMKnCBQVBNc" style="font: 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>OUST Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, OUST faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of OUST common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of OUST’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. OUST is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--TechnologySectorRiskMember_zlYDfUqhH9Xe" style="font: 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>Technology Sector Risk. </b>The market prices of technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities may be affected by intense competition, obsolescence of existing technology, general economic conditions and government regulation and may have limited product lines, markets, financial resources, or personnel. Technology companies may experience dramatic and often unpredictable changes in growth rates and competition for qualified personnel. These companies are also heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely impact a company’s profitability. A small number of companies represent a large portion of the technology industry. In addition, a rising interest rate environment tends to negatively affect technology companies, those technology companies seeking to finance expansion would have increased borrowing costs, which may negatively impact earnings. Technology companies having high market valuations may appear less attractive to investors, which may cause sharp decreases in their market prices.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zLV2yRBLS6J6" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Ouster, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Ouster, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, OUST is assigned to the technology sector and the electronic components industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--RisksAssociatedWithInvestmentsInElectronicComponentsCompaniesMember_zaOpMlw7cTv6"></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: 0.25in"></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>Risks Associated with Investments in Electronic Components Companies. </i>The Fund may invest in companies that design, manufacture, or distribute electronic components, such as semiconductors, connectors, capacitors, and circuit boards. These companies are subject to rapid technological change, product obsolescence, intense global competition, and cyclical demand. Their performance may be sensitive to shifts in consumer preferences, supply chain disruptions, and fluctuations in raw material costs. In addition, many electronic components companies rely heavily on a limited number of customers or suppliers, which may increase business risk. Geopolitical tensions, trade restrictions, and export controls—particularly involving key markets such as China or Taiwan—may also adversely impact operations and profitability. As a result, investments in this sector may exhibit greater volatility and could negatively affect the Fund’s performance.</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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z849wGHTSSN6" style="font: 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--MoneyMarketInstrumentRiskMember_zm9i81RyvEle" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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--LargecapitalizationCompanyRiskMember_z4tyWxxH4kv4" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_zbCosyj1aMXk" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with OUST. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that OUST value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the OUST. Under such circumstances, the market for OUST may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of OUST and may impact the ability of the Fund 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 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">In certain cases, the market for OUST and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of OUST and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_zrVvCelPrOMk" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with OUST and may incur substantial losses. If there is a significant intra-day market event and/or OUST experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zBSuVIA3WFNa" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of OUST does not provide leveraged exposure to OUST and, as a result, if the Fund invests directly in common stock of OUST to a greater extent, the Fund may not achieve its 200% daily 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--CashTransactionRiskMember_zDrjWOcTN52i" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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_zhbyotAyHdhc" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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__oef--RiskNondiversifiedStatusMember_zBVSz4d74me4" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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--EtfRisksMember_z6oPveGQA8ij" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zSV4OWo9dRf1"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_ztV1JlxlKBUe"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z3nysuewgjV7"></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: 0.25in"></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>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></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> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zqwgDMzl73uk"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zTytelDVJXje"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z7WM4c2Nqlej" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zpIkVDbDWILc" style="font: 10pt 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_904_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095465Member_zniYqXDOweBk">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095465Member_zK0HBSlit0Wh">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095465Member_zih6l7ycSLM7">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095465Member_zMlEzQhvieg5">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG SPOT DAILY TARGET ETF         Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zi4aN5oKvbN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of SPOT. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zlzITg9ckvC6"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_z1m9RLRTjQMh" style="font: 10pt Times New 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_982_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095467Member_zU77SLmG8TP5" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_981_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264190Member_fKDEp_zlN7v147KDT9" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_98E_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264190Member_zosDCrjdEuU4" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_989_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264190Member_fKDIp_z8Wz2xNHCOz" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_984_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264190Member_fKDMp_zwEb4ZdgFO6g" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F01_z9dY8rDeilgl">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1B_zjE92EstA933" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_ztvr2xiwV39h">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1D_zcneqpnS6Twl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095467Member_zhVR6bgh1ODl">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F01_zTJ18yMSVVch">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1F_zuDolE8VHd3c" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_ztw70KIGrune" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXXxaFvlYCCh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z9oaDAbEMWsa" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_484_eoef--ExpenseExampleYear01_zlEsVH3jz5uj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zunUbYqXGKyg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_410_20250924__20250924__oef--ClassAxis__custom--C000264190Member_zs5OzuvH1twh" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long SPOT Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zkDs6XOUnez2" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_zsZEc4q5AS1c" style="font: 10pt 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_90C_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095467Member_zo0XrXveF0x9">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of SPOT on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on SPOT or by investing directly in the common stock of SPOT. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in SPOT common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of SPOT is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in SPOT that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (SPOT) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain SPOT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which SPOT is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which SPOT is assigned). As of the date of this prospectus, SPOT is assigned to the communication services sector and the internet content &amp; information industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SPOT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SPOT is consistent with the Fund’s investment objective. The impact of SPOT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SPOT has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SPOT has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Spotify Technology S.A. provides lidar sensors for the automotive, industrial, robotics, and smart infrastructure industries in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. SPOT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Spotify Technology S.A. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38438 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Spotify Technology S.A. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, SPOT is assigned to the communication services sector and the internet content &amp; information industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding Spotify Technology S.A. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Spotify Technology S.A. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SPOT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Spotify Technology S.A. could affect the value of the Fund’s investments with respect to SPOT and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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: 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of SPOT on a daily basis. The Fund may not achieve its leveraged 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--EffectsOfCompoundingAndMarketVolatilityRiskMember_zaAQQ37V6cm7" style="font: 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>Effects of 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 200% of SPOT’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 SPOT during the 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 SPOT volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) SPOT volatility; b) SPOT performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to SPOT. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of SPOT volatility and SPOT performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to SPOT; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of SPOT.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher SPOT volatility, the volatility of SPOT may affect the Fund’s return as much as, or more than, the return of SPOT. 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 SPOT 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">As shown in the chart below, the Fund would be expected to lose 6.1% if SPOT provided no return over a one-year period during which SPOT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SPOT’s return is flat. <b>For instance, if SPOT’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of SPOT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of SPOT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPOT’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 49.73%. SPOT’s annualized daily volatility rates were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020       55.11%  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021       45.49% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022       66.07% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023       39.08% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024       35.98%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Volatility for a shorter period of time may have been substantially 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPOT’s annualized performance for the five-year period ended December 31, 2024 was 24.47%. Historical volatility and performance are not indications of what SPOT volatility and performance will be in the future. The trading price of SPOT’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of SPOT’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently SPOT’s 52-week high stock price was $785.00 on June 27, 2025, and its 52-week low stock price was $339.28 on September 17, 2024. SPOT’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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 information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: bold 10pt Times New 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_zS8dgFWsUcJ4" style="font: 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 SPOT 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 SPOT, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if SPOT subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if SPOT does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with SPOT and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zGHWPPdCH4Sf" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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--SwapAgreementsMember_zfIKoMp5nUO1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_z2xaiCjlMsva" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. </span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_z0foo7580Quf" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>FLEX Options</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. <span style="font-weight: normal">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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: bold 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--CounterpartyRiskMember_zUhvtd3PGmWa" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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-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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of SPOT, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zvBhjM6taxM5" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to SPOT that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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--IntradayInvestmentRiskMember_zeCpuvpTJaei" style="font: 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 leveraged 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 value of SPOT at the market close on the first trading day and the value of SPOT at the time of purchase. If SPOT gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if SPOT declines, the Fund’s net assets will decline by the same 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 multiple of SPOT.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_z9pDKLiaDhx5" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to SPOT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to SPOT is impacted by SPOT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SPOT at the end of each day. The possibility of the Fund being materially over- or under-exposed to SPOT increases on days when SPOT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SPOT. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with SPOT. 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 SPOT. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of SPOT. Any of these factors could decrease the correlation between the performance of the Fund and SPOT and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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 id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zjioEk5RJNq1" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_z1P1SOAvnAA8" style="font: 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>Indirect Investment Risk. </b>Spotify Technology S.A. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Spotify Technology S.A. and make no representation as to the performance of SPOT. Investing in the Fund is not equivalent to investing in SPOT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to SPOT.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zP72zGFIjQkh" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--SpotInvestingRiskMember_zui2QTacYZqf" style="font: 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>SPOT Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, SPOT faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of SPOT common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of SPOT’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. SPOT is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--CommunicationServicesSectorRiskMember_zS6sPUgtJ7m7" style="font: 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>Communication Services Sector Risk. </b>The communication services industry is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the communication services companies. The communication services industry can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid product obsolescence and research and development of new products. Technological innovations may make the products and services of communication services companies obsolete. Other risks include substantial capital requirements and uncertainties resulting from such companies’ diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zzD9Hf4vO4f7" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Spotify Technology S.A. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Spotify Technology S.A. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, SPOT is assigned to the communication services sector and the internet content &amp; information industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--InternetAndDirectMarketingRetailRiskMember_zmNAUv0o7LQl"></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: 0.25in"></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>Internet &amp; Direct Marketing Retail Risk. </i>Companies that operate via the internet or direct marketing (e.g., online consumer services, online retail, travel) segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price information for the same or similar products may cause companies that operate in the online marketplace, retail and travel segments to reduce profit margins in order to compete. Due to the nature of their business models, companies that operate in the online marketplace, retail, and travel segments may also be subject to heightened cybersecurity risk, including the risk of theft or damage to vital hardware, software, and information systems. The loss or public dissemination of sensitive customer information or other proprietary data may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers. As a result of such companies being web-based and the fact that they process, store, and transmit large amounts of data, including personal information, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of vendors technology and systems, could expose companies that operate via the internet or direct marketing retail to a risk of loss or misuse of such information, adversely affect their operating results, result in litigation or potential liability, and otherwise harm their businesses.</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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zYcas9KrKmQ" style="font: 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zr378T704cP3" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationCompanyRiskMember_zg8T7wQ4k4pa" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zyiiIZYwN6D8" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with SPOT. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that SPOT value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the SPOT. Under such circumstances, the market for SPOT may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of SPOT and may impact the ability of the Fund 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 style="font: 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 certain cases, the market for SPOT and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of SPOT and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_z6uBYajdpyu2" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with SPOT and may incur substantial losses. If there is a significant intra-day market event and/or SPOT experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zMSNNwsEjsCd" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of SPOT does not provide leveraged exposure to SPOT and, as a result, if the Fund invests directly in common stock of SPOT to a greater extent, the Fund may not achieve its 200% daily 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z3fvbQJryQVl" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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_zTMWY1PDX02d" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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__oef--RiskNondiversifiedStatusMember_zBIoyLNrWnb9" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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--EtfRisksMember_z1gYvE9FiE88" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zOOaiyy90A7e"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z7imCpmzMvt5"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zgqzzhC9Uwi8"></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: 0.25in"></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>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></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> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zEbfnJh0VHkc"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zt3Ftn7Sju0h"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zMUSePkcorsa" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zGNCx31HfY0i" style="font: 10pt 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_903_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095467Member_zGoMJlXUZAJ7">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095467Member_zffqOTJ5tquh">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095467Member_zSWOW3SItz7e">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095467Member_zFpua6EzFWD1">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG SYM DAILY TARGET ETF         Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zoChA51oJjSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of SYM. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zSXxybayPEV6"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zpidbznQFhta" style="font: 10pt Times New 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_98E_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095468Member_zdWGeHuX6lVd" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_987_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264191Member_fKDEp_zZLDgnNwJpOa" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_98C_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264191Member_zJsQgR7X6vjl" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_980_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264191Member_fKDIp_zwRqNzIRLyq" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_98E_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264191Member_fKDMp_zuZjmU4zvtCf" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_zws3rlHVXake">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F15_zAvGNGoGZ3x" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F07_zkMpfW6LAspl">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F14_zGLrEP1SneU6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095468Member_zkwB2y6fG2Pc">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zDQEghVc6bni">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F12_z0dplhXOy425" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zSjMuYab8uR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDFY4jZII6vd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zD9suOQCaZAb" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_489_eoef--ExpenseExampleYear01_zE5BqJYEDp4c" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zJtG9ogi6O05" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_41E_20250924__20250924__oef--ClassAxis__custom--C000264191Member_zR5Ebq7PzD24" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long SYM Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zatsE03MJSBi" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_A8F_eoef--StrategyNarrativeTextBlock_zXhhHR4eln2h" style="font: 10pt 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_909_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095468Member_zOGiHB7CXmqd">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of SYM on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on SYM or by investing directly in the common stock of SYM. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in SYM common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of SYM is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in SYM that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (SYM) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain SYM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which SYM is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which SYM is assigned). As of the date of this prospectus, SYM is assigned to the industrials sector and the specialty industrial machinery industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SYM. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SYM is consistent with the Fund’s investment objective. The impact of SYM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SYM has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SYM has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Symbotic Inc., an automation technology company, develops technologies to enhance operating efficiencies in modern warehouses. SYM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Symbotic Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-40175 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Symbotic Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, SYM is assigned to the industrials sector and the specialty industrial machinery industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding SYMer, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding SYMer, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SYM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning SYMer, Inc. could affect the value of the Fund’s investments with respect to SYM and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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: 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of SYM on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zYw4eNFnf6Jb" style="font: 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>Effects of 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 200% of SYM’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 SYM during the 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 SYM volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) SYM volatility; b) SYM performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to SYM. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of SYM volatility and SYM performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to SYM; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of SYM.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher SYM volatility, the volatility of SYM may affect the Fund’s return as much as, or more than, the return of SYM. 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 SYM 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">As shown in the chart below, the Fund would be expected to lose 6.1% if SYM provided no return over a one-year period during which SYM experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SYM’s return is flat. <b>For instance, if SYM’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of SYM and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of SYM. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYM’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 106.10%. SYM’s annualized daily volatility rates were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021       9.69% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022       153.91% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023       107.64% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024       87.83%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Volatility for a shorter period of time may have been substantially 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SYM’s annualized performance for the five-year period ended December 31, 2024 was 25.36%. Historical volatility and performance are not indications of what SYM volatility and performance will be in the future. The trading price of SYM’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of SYM’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently SYM’s 52-week high stock price was $64.16 on August 5, 2025, and its 52-week low stock price was $16.32 on April 4, 2025. SYM’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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 information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: bold 10pt Times New 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_zBDtdcRRchcj" style="font: 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 SYM 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 SYM, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if SYM subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if SYM does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with SYM and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zKgCzMvP4b59" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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_zW4lazDdWFHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_zdR5I2yzy4Kl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. </span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zwVv9Ny6x8a4" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>FLEX Options</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. <span style="font-weight: normal">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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: bold 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--CounterpartyRiskMember_zxtOrQfiuC6f" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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-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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of SYM, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zqDXNKkxsEO4" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to SYM that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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_zEYzlK3U0gMd" style="font: 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 leveraged 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 value of SYM at the market close on the first trading day and the value of SYM at the time of purchase. If SYM gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if SYM declines, the Fund’s net assets will decline by the same 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 multiple of SYM.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_zEwibfrAFYPk" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to SYM and therefore achieve its daily leveraged investment objective. The Fund’s exposure to SYM is impacted by SYM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SYM at the end of each day. The possibility of the Fund being materially over- or under-exposed to SYM increases on days when SYM is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SYM. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with SYM. 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 SYM. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of SYM. Any of these factors could decrease the correlation between the performance of the Fund and SYM and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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 id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zMdsUKcS4eJ5" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_zvjS4pOJjtod" style="font: 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>Indirect Investment Risk. </b>SYMer, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of SYMer, Inc. and make no representation as to the performance of SYM. Investing in the Fund is not equivalent to investing in SYM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to SYM.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zupGOoNrKiQ" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--SymInvestingRiskMember_zstlGyb4zf4f" style="font: 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>SYM Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, SYM faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of SYM common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of SYM’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. SYM is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--IndustrialsSectorRiskMember_zipIE1rfWvJ7" style="font: 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>Industrials Sector Risk. </b>The Fund’s assets will be concentrated in the industrials sector, which means the Fund will be more affected by the performance of the industrials sector than a fund that is more diversified. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--IndustryConcentrationRiskMember_zWiDhavvjI4a" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Symbotic Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Symbotic Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, SYM is assigned to the industrials sector and the specialty industrial machinery industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--SpecialtyIndustrialMachineryIndustryRiskMember_zU1uokJ6b0Gj"></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: 0.25in"></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>Specialty Industrial Machinery Industry Risk</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The specialty industrial machinery industry is inherently sensitive to fluctuations in global economic conditions, as demand is closely tied to capital investment cycles across a range of end-user sectors, including automotive, aerospace, energy, construction, and advanced manufacturing. During economic downturns, businesses in these sectors typically reduce or defer capital expenditures, leading to a contraction in orders for specialized machinery. This cyclicality can result in significant revenue volatility across the industry. Additionally, shifts in interest rates, commodity prices, or government infrastructure spending can either accelerate or suppress demand, creating forecasting challenges and operational risk for machinery manufacturers and suppliers.</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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zpYlvfSy969l" style="font: 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zxVhvniyIAOk" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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--LargecapitalizationCompanyRiskMember_zaRw0C7tPDZ8" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_zSjR5SeweVy4" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with SYM. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that SYM value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the SYM. Under such circumstances, the market for SYM may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of SYM and may impact the ability of the Fund 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 style="font: 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 certain cases, the market for SYM and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of SYM and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zkZPapJcDtg6" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with SYM and may incur substantial losses. If there is a significant intra-day market event and/or SYM experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zTvtPWibManf" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of SYM does not provide leveraged exposure to SYM and, as a result, if the Fund invests directly in common stock of SYM to a greater extent, the Fund may not achieve its 200% daily 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--CashTransactionRiskMember_zMM3Y4Q3dnYe" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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_zcaVuPBTGmud" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New 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_z0jIkrn05JRh" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z9aozfRnlLp2" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zjIyFia0aVmh"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z2H3NrZ5Y6r4"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zOwuELywZqti"></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: 0.25in"></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>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></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> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zCnG7gdI9tJl"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zaawl3RKad4c"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zAnOMG6mFdt2" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_ziAx4R7QFbnf" style="font: 10pt 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_904_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095468Member_z6SDRZE0REG4">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095468Member_zgeY7oE84GUd">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095468Member_zyyOFyeoNdhl">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095468Member_zm9NKGZNVJad">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG RDW DAILY TARGET ETF         Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zLeL6bLh3je" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of RDW. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zbNu88SP7ZQa"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zzfjzRh0RhE" style="font: 10pt Times New 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_98D_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095466Member_zlRYEdgGzLjl" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_986_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264189Member_fKDEp_z2OLvTnblGP1" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_985_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264189Member_zB3ndILEdHA5" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_988_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264189Member_fKDIp_zPNDJQK99Ww7" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_989_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264189Member_fKDMp_zZfQ1cAJJYq6" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zXd2iItcMD2l">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1B_zMkZrZyLaw6c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F01_zuYy2ylDJQpa">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1D_z3foRLhBgczh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095466Member_zF4Vao0vpxx5">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zKWxO05BWoh7">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1D_zTyZhQ6hafKl" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_z9QslXpQQDGe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_zyDGz20fQoDl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zgZOodcsGO16" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_483_eoef--ExpenseExampleYear01_zUYaFLS9XXaa" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zj2jeuHMw06i" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_412_20250924__20250924__oef--ClassAxis__custom--C000264189Member_zmW93kNprPH6" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long RDW Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zAEmwYeJBFN4" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_A8A_eoef--StrategyNarrativeTextBlock_zDIhucOgrY33" style="font: 10pt 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_902_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095466Member_zztNIj1dSwG5">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of RDW on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on RDW or by investing directly in the common stock of RDW. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in RDW common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of RDW is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in RDW that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (RDW) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain RDW exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which RDW is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which RDW is assigned). As of the date of this prospectus, RDW is assigned to the industrials sector and the aerospace &amp; defense industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of RDW. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to RDW is consistent with the Fund’s investment objective. The impact of RDW’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of RDW has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of RDW has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Redwire Corporation provides critical space solutions and space infrastructure for government and commercial customers in the United States, Europe, and internationally. RDW is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Redwire Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39733 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Redwire Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, RDW is assigned to the industrials sector and the aerospace &amp; defense industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding Redwire Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Redwire Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RDW have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Redwire Corporation could affect the value of the Fund’s investments with respect to RDW and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of RDW on a daily basis. The Fund may not achieve its leveraged 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--EffectsOfCompoundingAndMarketVolatilityRiskMember_z5IjgXJjajE1" style="font: 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>Effects of 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 200% of RDW’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 RDW during the 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 RDW volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) RDW volatility; b) RDW performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to RDW. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of RDW volatility and RDW performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to RDW; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of RDW.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher RDW volatility, the volatility of RDW may affect the Fund’s return as much as, or more than, the return of RDW. 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 RDW 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">As shown in the chart below, the Fund would be expected to lose 6.1% if RDW provided no return over a one-year period during which RDW experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if RDW’s return is flat. <b>For instance, if RDW’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of RDW and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of RDW. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">RDW’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 75.12%. RDW’s annualized daily volatility rates were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021       53.95% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022       81.77% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023       85.83% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024       73.51%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Volatility for a shorter period of time may have been substantially 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RDW’s annualized performance for the five-year period ended December 31, 2024 was 12.25%. Historical volatility and performance are not indications of what RDW volatility and performance will be in the future. The trading price of RDW’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of RDW’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently RDW’s 52-week high stock price was $26.66 on February 13, 2025, and its 52-week low stock price was $6.22 on September 17, 2024. RDW’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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 information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: bold 10pt Times New 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_zYvN8d79sZi7" style="font: 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 RDW 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 RDW, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if RDW subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if RDW does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with RDW and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zjKxVyydXuW2" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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_zcOfuAdi7ohc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_zwNFxyXS9kNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. </span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zmVQJmSD5K26" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>FLEX Options</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. <span style="font-weight: normal">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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: bold 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--CounterpartyRiskMember_zQuubsGIiqsb" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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-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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of RDW, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zvQh557E6da" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to RDW that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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--IntradayInvestmentRiskMember_zDIWqWkH5Mef" style="font: 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 leveraged 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 value of RDW at the market close on the first trading day and the value of RDW at the time of purchase. If RDW gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if RDW declines, the Fund’s net assets will decline by the same 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 multiple of RDW.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_zGwpsGQGc1Xh" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to RDW and therefore achieve its daily leveraged investment objective. The Fund’s exposure to RDW is impacted by RDW’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to RDW at the end of each day. The possibility of the Fund being materially over- or under-exposed to RDW increases on days when RDW is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) RDW. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with RDW. 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 RDW. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of RDW. Any of these factors could decrease the correlation between the performance of the Fund and RDW and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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 id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zvBnjfOR2QP" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_z1TyHV1QtMhk" style="font: 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>Indirect Investment Risk. </b>Redwire Corporation is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Redwire Corporation and make no representation as to the performance of RDW. Investing in the Fund is not equivalent to investing in RDW. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to RDW.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zx29HiCHormk" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--RdwInvestingRiskMember_zwB26MHtIl6f" style="font: 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>RDW Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, RDW faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of RDW common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of RDW’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. RDW is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--IndustrialsSectorRiskMember_zP5i0JVePVDd" style="font: 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>Industrials Sector Risk. </b>The Fund’s assets will be concentrated in the industrials sector, which means the Fund will be more affected by the performance of the industrials sector than a fund that is more diversified. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrials sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--IndustryConcentrationRiskMember_zQGG5rhE42Tg" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Redwire Corporation is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Redwire Corporation is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, RDW is assigned to the industrials sector and the aerospace &amp; defense industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--AerospaceAndDefenseIndustryRiskMember_z68IzFb20069"></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: 0.25in"></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>Aerospace and Defense Industry Risk. </i>The aerospace and defense industry may be significantly affected by changes in government regulations and spending policies, changes in economic conditions and industry consolidation.</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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zA6ImtcmsVQj" style="font: 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--MoneyMarketInstrumentRiskMember_zOkUBSjJdXZ8" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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--LargecapitalizationCompanyRiskMember_zZoWSOPOsDh8" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_zXfV9hnONS9i" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with RDW. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that RDW value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the RDW. Under such circumstances, the market for RDW may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of RDW and may impact the ability of the Fund 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 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">In certain cases, the market for RDW and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of RDW and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_z2mxyRCJMbmj" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with RDW and may incur substantial losses. If there is a significant intra-day market event and/or RDW experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zbac9Jm1ZQPc" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of RDW does not provide leveraged exposure to RDW and, as a result, if the Fund invests directly in common stock of RDW to a greater extent, the Fund may not achieve its 200% daily 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zmx8oB2UrlIc" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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_z6XipCyDaBG6" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New 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__oef--RiskNondiversifiedStatusMember_zHPjPJ3xtU7i" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zAy230w8W7Bl" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zFGH2zF5bPP7"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zI0KffsW6sha"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zAPBvCTqjDR8"></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: 0.25in"></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>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></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> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z9oErTFl8Svg"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zRDEwVkbFei6"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zhwr00F9aJvf" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zTK4d4iWzz16" style="font: 10pt 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_90B_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095466Member_zHg29zs84w9i">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095466Member_zkdNqV3fSLb9">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095466Member_zTNgh8Z7Ud44">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095466Member_z6knuz38WEDi">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG UNH DAILY TARGET ETF         Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zlaFnqbif1Yi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of UNH. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zGlilMEtxDD5"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zfrBqfDISvdl" style="font: 10pt Times New 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_980_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095469Member_zZHBHgXd7eW1" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_98C_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264192Member_fKDEp_zk6hc50Ndyia" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_983_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264192Member_zFGMhzTDnl7i" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_989_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264192Member_fKDIp_zck2P3jA5M59" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_98A_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264192Member_fKDMp_zPAYoQOFwmq8" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_zVf6hTjUAu4d">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1C_zfBl9gcN2FS" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_z91fW47TKZH1">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F13_zoGXkDUSYMF2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095469Member_z8Bb0oJbxdca">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_zRtIEt5riWWi">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F12_zF0KFtSgPiUc" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zKuOvqanKo4f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjLWWYTflbIf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zdSRUow9Ajpd" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_481_eoef--ExpenseExampleYear01_zDMmAOODaVMe" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_z6NzS3SCX2N3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_41C_20250924__20250924__oef--ClassAxis__custom--C000264192Member_z52i2A39j0pa" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long UNH Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zZ8RHQSLEgi3" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_A80_eoef--StrategyNarrativeTextBlock_zDo9uQLOsPU6" style="font: 10pt 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_c20250924__20250924__dei--LegalEntityAxis__custom--S000095469Member_zfkMdWT5OM9h">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of UNH on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on UNH or by investing directly in the common stock of UNH. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in UNH common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of UNH is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in UNH that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (UNH) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain UNH exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which UNH is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which UNH is assigned). As of the date of this prospectus, UNH is assigned to the healthcare sector and the healthcare plans industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times 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 style="font: 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UNH. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UNH is consistent with the Fund’s investment objective. The impact of UNH’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UNH has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of UNH has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">UnitedHealth Group Inc. is an American multinational for-profit company specializing in health insurance and health care services. UNH is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by UnitedHealth Group Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 1-10864 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding UnitedHealth Group Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, UNH is assigned to the healthcare sector and the healthcare plans industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding UnitedHealth Group Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding UnitedHealth Group Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UNH have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning UnitedHealth Group Inc. could affect the value of the Fund’s investments with respect to UNH and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of UNH on a daily basis. The Fund may not achieve its leveraged 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--EffectsOfCompoundingAndMarketVolatilityRiskMember_zM95MQHpCNUj" style="font: 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>Effects of 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 200% of UNH’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 UNH during the 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 UNH volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) UNH volatility; b) UNH performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to UNH. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of UNH volatility and UNH performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to UNH; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of UNH.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher UNH volatility, the volatility of UNH may affect the Fund’s return as much as, or more than, the return of UNH. 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 UNH 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">As shown in the chart below, the Fund would be expected to lose 6.1% if UNH provided no return over a one-year period during which UNH experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if UNH’s return is flat. <b>For instance, if UNH’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of UNH and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of UNH. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation 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; 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNH’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 29.87%. UNH’s annualized daily volatility rates were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020       47.96%  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021       19.19% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022       24.42% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023       21.19% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024       27.30%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Volatility for a shorter period of time may have been substantially 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNH’s annualized performance for the five-year period ended December 31, 2024 was 11.45%. Historical volatility and performance are not indications of what UNH volatility and performance will be in the future. The trading price of UNH’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of UNH’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently UNH’s 52-week high stock price was $630.73 on November 11, 2024, and its 52-week low stock price was $234.60 on August 1, 2025. UNH’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 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 information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: bold 10pt Times New 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--LeverageRiskMember_zL8KiOONrLqa" style="font: 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 UNH 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 UNH, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if UNH subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if UNH does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with UNH and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zt4HZhgsdKxg" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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--SwapAgreementsMember_zVk6ygI4kWg9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_zqc2oXWcjI2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. </span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zbFAdnMWuDeg" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>FLEX Options</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. <span style="font-weight: normal">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: bold 10pt Times New 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--CounterpartyRiskMember_zCYpkP8XxTw4" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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-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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of UNH, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zw6vfYIzg386" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to UNH that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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_z0hiEfhfxIVc" style="font: 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 leveraged 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 value of UNH at the market close on the first trading day and the value of UNH at the time of purchase. If UNH gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if UNH declines, the Fund’s net assets will decline by the same 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 multiple of UNH.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_zWajanIOfSzf" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to UNH and therefore achieve its daily leveraged investment objective. The Fund’s exposure to UNH is impacted by UNH’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UNH at the end of each day. The possibility of the Fund being materially over- or under-exposed to UNH increases on days when UNH is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UNH. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with UNH. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to UNH. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of UNH. Any of these factors could decrease the correlation between the performance of the Fund and UNH and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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 id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zDjfujpRlxh1" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zVOkebzccPnk" style="font: 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>Indirect Investment Risk. </b>UnitedHealth Group Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of UnitedHealth Group Inc. and make no representation as to the performance of UNH. Investing in the Fund is not equivalent to investing in UNH. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to UNH.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zcDX2aQYB6v9" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--UnhInvestingRiskMember_zdKCMbRo2MPh" style="font: 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>UNH Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, UNH faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of UNH common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of UNH’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. UNH is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--HealthcareSectorRiskMember_zimYvbsea4Jd" style="font: 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>Healthcare Sector Risk. </b>The Fund’s assets will be concentrated in the healthcare sector, which means the Fund will be more affected by the performance of the healthcare sector than a fund that is more diversified. Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--IndustryConcentrationRiskMember_zzXVScSv52Ni" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which UnitedHealth Group Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which UnitedHealth Group Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, UNH is assigned to the healthcare sector and the healthcare plans industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--RisksAssociatedWithInvestmentsInHealthcarePlansAndHealthInsuranceCompaniesMember_ztpg22VNlyc4"></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: 0.25in"></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>Risks Associated with Investments in Healthcare Plans and Health Insurance Companies. </i>The Fund may invest in issuers engaged in providing managed healthcare services or health insurance plans. Companies in this sector are subject to extensive government regulation and oversight, which may impact their profitability and business operations. Changes in legislation or regulatory policy—such as healthcare reform initiatives, reimbursement rates, mandated benefits, and licensing requirements—can significantly affect revenues and costs. Additionally, these companies are exposed to risks related to medical cost trends, pricing pressure, utilization rates, litigation, and the ability to accurately estimate and manage claims liabilities. Economic downturns, pandemics, or shifts in enrollment patterns may also adversely impact performance. As a result, investments in healthcare plan providers may be volatile and could negatively affect the Fund’s returns.</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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zSUh4LCAJ8i3" style="font: 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z8SMAXXAWa85" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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--LargecapitalizationCompanyRiskMember_zSCANcMs5U46" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_zuRKXGVY4ms6" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with UNH. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that UNH value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the UNH. Under such circumstances, the market for UNH may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of UNH and may impact the ability of the Fund 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 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">In certain cases, the market for UNH and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of UNH and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_ztBeICoYWZ71" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with UNH and may incur substantial losses. If there is a significant intra-day market event and/or UNH experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_z0gNiYMcGS2" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of UNH does not provide leveraged exposure to UNH and, as a result, if the Fund invests directly in common stock of UNH to a greater extent, the Fund may not achieve its 200% daily 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--CashTransactionRiskMember_zGtA8e36zZQk" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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_znVjKMeAU0P7" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New 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_z8uHCe8Ueve3" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z4n0qu9zwXA8" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zTpzrkjOg5O5"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zPAVhGi0gMgj"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z00GxXvRO765"></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: 0.25in"></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>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></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> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zvC5SNLpb5V"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zSUawKCt4qN2"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zsbDRJTRPRel" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zpCs02yqEPF8" style="font: 10pt 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_903_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095469Member_zsCgAox1Pcfe">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095469Member_zmihxhzmDmJh">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095469Member_zb0v3Gnu6JA3">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095469Member_zBMONgHoGgD">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG VOYG DAILY TARGET ETF         Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zCErIU6B51yj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of VOYG. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zG00ML5klAVk"></div> <p style="font: 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. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zeOyRICVMRmc" style="font: 10pt Times New 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_988_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095470Member_z6iYzB2Bzw6h" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_985_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264193Member_fKDEp_zmrkQ2OQsVxk" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_983_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264193Member_zAURjRCDkMMa" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_987_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264193Member_fKDIp_zMTM59z0Afqc" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_983_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264193Member_fKDMp_zfm8iVUeIASd" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_z8kgsQn5ocD4">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F14_zlwowWvjxHi4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zRG8ZWt00Aea">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F16_z0xHSGD5AkHe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095470Member_z0pvxdUkZoQe">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zZ5prn6dk635">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F10_z5CQoIVhYHIl" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zp3M7iHs8PRl" style="font: 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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_zNx6ME2GBwCf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_ziFobKkFVRWc" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zvTLnNF7QcPc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zfzktiMTlrsg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_41A_20250924__20250924__oef--ClassAxis__custom--C000264193Member_zVxHIhVsZOnb" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long VOYG Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zCyHFeEYDZC3" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_zRtY8kRqRcl3" style="font: 10pt 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_90E_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095470Member_zvTbNst9C28g">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of VOYG on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on VOYG or by investing directly in the common stock of VOYG. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in VOYG common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of VOYG is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in VOYG that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (VOYG) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain VOYG exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which VOYG is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which VOYG is assigned). As of the date of this prospectus, VOYG is assigned to the industrials sector and the aerospace &amp; defense industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of VOYG. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to VOYG is consistent with the Fund’s investment objective. The impact of VOYG’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of VOYG has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of VOYG has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Voyager Technologies, Inc. operates as a defense technology and space solutions company in the United States, Europe, the Middle East, and internationally. VOYG is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Voyager Technologies, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42694 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Voyager Technologies, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, VOYG is assigned to the industrials sector and the aerospace &amp; defense industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding Voyager Technologies, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Voyager Technologies, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of VOYG have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Voyager Technologies, Inc. could affect the value of the Fund’s investments with respect to VOYG and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of VOYG on a daily basis. The Fund may not achieve its leveraged 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--EffectsOfCompoundingAndMarketVolatilityRiskMember_zLjVawR9NuQ7" style="font: 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>Effects of 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 200% of VOYG’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 VOYG during the 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 VOYG volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) VOYG volatility; b) VOYG performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to VOYG. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of VOYG volatility and VOYG performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to VOYG; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of VOYG.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher VOYG volatility, the volatility of VOYG may affect the Fund’s return as much as, or more than, the return of VOYG. 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 VOYG 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">As shown in the chart below, the Fund would be expected to lose 6.1% if VOYG provided no return over a one-year period during which VOYG experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if VOYG’s return is flat. <b>For instance, if VOYG’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of VOYG and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of VOYG. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b> </span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">VOYG’s is a newly launched and began trading in calendar year 2025. As of the date of this prospectus, VOYG does not have a track record of historical performance or daily volatility. Accordingly, no annualized performance or volatility data is available for prior years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 trading price of VOYG’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of VOYG’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently VOYG’s 52-week high stock price was $73.95 on June 11, 2025, and its 52-week low stock price was $26.10 on September 4, 2025. VOYG’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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>For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</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 id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zNKtTO9GVYb1" style="font: 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 VOYG 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 VOYG, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if VOYG subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if VOYG does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with VOYG and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New 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--DerivativesRiskMember_z8k0fTzHRvDb" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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 style="font: 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 expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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--SwapAgreementsMember_zULKkC1O9lD1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_zdpSTjDmOkqh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling.</span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zBHyJE8gmrn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>FLEX Options</i><b>. </b>The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></p> <p style="font: 10pt Times New 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--CounterpartyRiskMember_zY7GN1Rac3xl" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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 style="font: 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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of VOYG, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zSufXhlnQNB8" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to VOYG that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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--IntradayInvestmentRiskMember_zp2hujl8djN" style="font: 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 leveraged 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 value of VOYG at the market close on the first trading day and the value of VOYG at the time of purchase. If VOYG gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if VOYG declines, the Fund’s net assets will decline by the same 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 multiple of VOYG.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_zgEX56yvFhO2" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to VOYG and therefore achieve its daily leveraged investment objective. The Fund’s exposure to VOYG is impacted by VOYG’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to VOYG at the end of each day. The possibility of the Fund being materially over- or under-exposed to VOYG increases on days when VOYG is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) VOYG. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with VOYG. 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 VOYG. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of VOYG. Any of these factors could decrease the correlation between the performance of the Fund and VOYG and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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: 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zZxMaCxrMpTj" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_z4EOn1Wy0ZH9" style="font: 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>Indirect Investment Risk. </b>Voyager Technologies, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Voyager Technologies, Inc. and make no representation as to the performance of VOYG. Investing in the Fund is not equivalent to investing in VOYG. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to VOYG.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zvwq7OSDfoti" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--VoygInvestingRiskMember_zjiiMm229vMc" style="font: 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>VOYG Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, VOYG faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of VOYG common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of VOYG’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. VOYG is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--IndustrialsSectorRiskMember_zEqyoZByjNZ8" style="font: 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>Industrials Sector Risk. </b>The Fund’s assets will be concentrated in the industrials sector, which means the Fund will be more affected by the performance of the industrials sector than a fund that is more diversified. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrials sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--IndustryConcentrationRiskMember_zj5HrQB8bIDh" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Voyager Technologies, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Voyager Technologies, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, VOYG is assigned to the industrials sector and the aerospace &amp; defense industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--AerospaceAndDefenseIndustryRiskMember_zcwiLWybbUoc"></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: 0.25in"></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>Aerospace and Defense Industry Risk. </i>The aerospace and defense industry may be significantly affected by changes in government regulations and spending policies, changes in economic conditions and industry consolidation.</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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zTQ9Ye0Gphj9" style="font: 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zKXM1MXI0AZ" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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--LargecapitalizationCompanyRiskMember_z0hKCm0j5WL5" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_zxbAVkooKtOa" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with VOYG. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that VOYG value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the VOYG. Under such circumstances, the market for VOYG may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of VOYG and may impact the ability of the Fund 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 style="font: 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 certain cases, the market for VOYG and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of VOYG and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_zHGwuqX5F4Jj" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with VOYG and may incur substantial losses. If there is a significant intra-day market event and/or VOYG experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zK9G9JwHRpA" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of VOYG does not provide leveraged exposure to VOYG and, as a result, if the Fund invests directly in common stock of VOYG to a greater extent, the Fund may not achieve its 200% daily 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--CashTransactionRiskMember_zj9kg8bBhr3i" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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--TaxRiskMember_zup910YEdG6f" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New 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__oef--RiskNondiversifiedStatusMember_z7aJWJ8GyvDk" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z0kij7WI1Ana" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zv5fcT5gznna"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z7UeDCB9Ymgj"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zCUZMuHhjBol"></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: 0.25in"></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>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></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> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zuDy9w86cfVe"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z4JorHrOuuO5"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zeYCigi4Oxtd" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zeThO8xZn0pk" style="font: 10pt 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_902_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095470Member_z9YYY53MpBJg">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095470Member_zgpefapnpMp5">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095470Member_zwu55oxbJOpl">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095470Member_zNU2E9MzgP6l">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG ETOR DAILY TARGET ETF         Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zqXcECPGf8Uj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of ETOR. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zTxDkKhZBMzf"></div> <p style="font: 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. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zP3HDP3p2fJ2" style="font: 10pt Times New 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_98F_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095476Member_z29iIuTKRe2i" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_980_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264199Member_fKDEp_zwmiTSD3bvx5" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_98C_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264199Member_zWyIDwISeag" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_985_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264199Member_fKDIp_zHyzmIcC4Fr6" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_98E_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264199Member_fKDMp_zEhixqAs1ndg" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_zwx6CDI4mK07">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1D_zFWBi1yd06Pg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_z2inwKypTC51">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F10_zQv8GVou2gp9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095476Member_zusf4ILpg5kk">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0B_zH0ckKKaeC74">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F10_zH3G0RvLNms3" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zQzJcGSkv1Z5" style="font: 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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zHjZMVb2kZP9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zxM1YSp7EVG8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_489_eoef--ExpenseExampleYear01_zTvSfdKLlvUe" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zkIcOg9btNli" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_418_20250924__20250924__oef--ClassAxis__custom--C000264199Member_zboolEAxcdP" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long ETOR Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_znIh0PASxkY7" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_A88_eoef--StrategyNarrativeTextBlock_zP8AKoJKGHJ8" style="font: 10pt 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_90C_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095476Member_zwhKInWKzHBi">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of ETOR on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on ETOR or by investing directly in the common stock of ETOR. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in ETOR common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of ETOR is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in ETOR that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (ETOR) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain ETOR exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which ETOR is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which ETOR is assigned). As of the date of this prospectus, ETOR is assigned to the financial services sector and the capital markets industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ETOR. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ETOR is consistent with the Fund’s investment objective. The impact of ETOR’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ETOR has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of ETOR has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">eToro Group Ltd. engages in the trading business. Its multi-asset platform supports trading and investing in equities, crypto assets, commodities, currencies, and options, which can be traded either as assets or as derivatives related to various underlying asset types. ETOR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by eToro Group Ltd. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42647 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding eToro Group Ltd. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, ETOR is assigned to the financial services sector and the capital markets industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding eToro Group Ltd. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding eToro Group Ltd. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ETOR have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning eToro Group Ltd. could affect the value of the Fund’s investments with respect to ETOR and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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: 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of ETOR on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zKPAXc9l6LTi" style="font: 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>Effects of 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 200% of ETOR’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 ETOR during the 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 ETOR volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) ETOR volatility; b) ETOR performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to ETOR. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of ETOR volatility and ETOR performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to ETOR; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of ETOR.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher ETOR volatility, the volatility of ETOR may affect the Fund’s return as much as, or more than, the return of ETOR. 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 ETOR 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">As shown in the chart below, the Fund would be expected to lose 6.1% if ETOR provided no return over a one-year period during which ETOR experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if ETOR’s return is flat. <b>For instance, if ETOR’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of ETOR and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of ETOR. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">ETOR’s is a newly launched and began trading in calendar year 2025. As of the date of this prospectus, ETOR does not have a track record of historical performance or daily volatility. Accordingly, no annualized performance or volatility data is available for prior years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 trading price of ETOR’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of ETOR’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently ETOR’s 52-week high stock price was $79.96 on June 10, 2025, and its 52-week low stock price was $42.42 on September 10, 2025. ETOR’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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>For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</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 id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zkHqnLUJB98k" style="font: 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 ETOR 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 ETOR, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if ETOR subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if ETOR does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with ETOR and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New 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--DerivativesRiskMember_zEps8clCZOk7" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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"></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">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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_zClvXQvlfTP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_zBbsvOtg5gec" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling.</span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zJ65uPd8EwS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>FLEX Options</i><b>. </b>The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--CounterpartyRiskMember_z1aDfg6KCTfi" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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-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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of ETOR, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zfNGUbVenUR2" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to ETOR that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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_zHtDBwyoxLa3" style="font: 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 leveraged 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 value of ETOR at the market close on the first trading day and the value of ETOR at the time of purchase. If ETOR gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if ETOR declines, the Fund’s net assets will decline by the same 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 multiple of ETOR.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_zrAmZF3jvEn4" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to ETOR and therefore achieve its daily leveraged investment objective. The Fund’s exposure to ETOR is impacted by ETOR’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ETOR at the end of each day. The possibility of the Fund being materially over- or under-exposed to ETOR increases on days when ETOR is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ETOR. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with ETOR. 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 ETOR. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of ETOR. Any of these factors could decrease the correlation between the performance of the Fund and ETOR and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zsp8UtFvsv9c" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_zqJkgDw0r8Z4" style="font: 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>Indirect Investment Risk. </b>eToro Group Ltd. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of eToro Group Ltd. and make no representation as to the performance of ETOR. Investing in the Fund is not equivalent to investing in ETOR. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to ETOR.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zX4TqmwvbVAf" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--EtorInvestingRiskMember_zk1HVScHhxX8" style="font: 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>ETOR Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, ETOR faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of ETOR common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of ETOR’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. ETOR is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--FinancialsSectorRiskMember_zxFnHHZCLTE6" style="font: 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>Financials Sector Risk. </b>Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs). Declining real estate values could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_z2yJGiyclSQj" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which eToro Group Ltd. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which eToro Group Ltd. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, ETOR is assigned to the financial services sector and the capital markets industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--CapitalMarketsIndustryRiskMember_z7hFO6X4fxKb"></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: 0.25in"></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>Capital Markets Industry Risk. </i>The Fund may invest in companies operating within the capital markets industry, including investment banks, asset managers, securities exchanges, and other financial services providers. These companies are subject to extensive government regulation and oversight, which can change rapidly and unpredictably, potentially affecting profitability and business operations. The performance of capital markets firms is closely tied to the health of global financial markets, investor sentiment, and the level of trading, underwriting, and asset management activity. These companies may be adversely affected during periods of market volatility, declining equity or debt issuance, or reduced investor participation. In addition, capital markets firms often have significant exposure to counterparty, credit, and liquidity risk, particularly in times of financial stress. Operational failures, cybersecurity breaches, and reputational damage can also materially impact their value. As a result, adverse developments in the capital markets industry may negatively affect the Fund’s investments and performance.</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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zMP4PEdm1Ib2" style="font: 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zuiFlKuv2G83" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationCompanyRiskMember_zGxgLVNDphFf" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_zU1q0OZpBfmd" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with ETOR. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that ETOR value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the ETOR. Under such circumstances, the market for ETOR may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of ETOR and may impact the ability of the Fund 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 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">In certain cases, the market for ETOR and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of ETOR and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_zSivKs3jcLCk" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with ETOR and may incur substantial losses. If there is a significant intra-day market event and/or ETOR experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zxrT7xhPtJrh" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of ETOR does not provide leveraged exposure to ETOR and, as a result, if the Fund invests directly in common stock of ETOR to a greater extent, the Fund may not achieve its 200% daily 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--CashTransactionRiskMember_ztbFvqW3fAHf" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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--TaxRiskMember_zI8EK9Wv0rze" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New 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_zXRHbviYTGr6" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zFALCiP37Isc" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zFqVkmQpnnf4"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z1UlYO4f5Zv5"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_ztpR1gtItaql"></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: 0.25in"></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>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></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> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zu12gn2vPT8i"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zz5knIw3gs1k"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zRDySnzv74w7" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zghONQ1bCrtl" style="font: 10pt 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--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095476Member_z6quXiauMfqd">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095476Member_zxWjya0C76rl">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095476Member_zm7W2vPiPoYj">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095476Member_zZQxlu2bmSWj">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG CHYM DAILY TARGET ETF         Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zSCUS1Twltlg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of CHYM. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zHXY0CUwCat6"></div> <p style="font: 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. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_z68tJ1F8MFtd" style="font: 10pt Times New 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_98E_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095475Member_zuTLepoRUms6" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_984_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264198Member_fKDEp_zAfdwEIrINrj" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_981_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264198Member_zDtYMtLAdTCl" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_984_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264198Member_fKDIp_zRQjUWkUVGvk" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_985_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264198Member_fKDMp_zLc7f07GyhBa" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zKyxwz0twPhd">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1A_z9SKpZe1q90a" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_zYIZNLs47xv6">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F18_zklRWaaWieUh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095475Member_zzy8Dqh4Zf21">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zCk4DnjgTcwi">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1D_zhwUuBQUNm93" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zziauQWuBezb" style="font: 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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaUKlcMev1Gk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z92eGmyQKikc" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_485_eoef--ExpenseExampleYear01_zVhdHc0Aq5eg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zTxd1Gvs0JMl" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_41D_20250924__20250924__oef--ClassAxis__custom--C000264198Member_zSGqlvVzm6og" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long CHYM Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_z6uXdBkl6ZX2" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_z7preOfFSAwe" style="font: 10pt 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_90A_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095475Member_zFwVuHSnwpwj">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of CHYM on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on CHYM or by investing directly in the common stock of CHYM. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in CHYM common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of CHYM is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in CHYM that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (CHYM) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain CHYM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which CHYM is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which CHYM is assigned). As of the date of this prospectus, CHYM is assigned to the information technology sector and the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CHYM. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CHYM is consistent with the Fund’s investment objective. The impact of CHYM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CHYM has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CHYM has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Chime Financial, Inc. a financial technology company, provides digital consumer banking and payment solutions. CHYM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Chime Financial, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42693 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Chime Financial, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, CHYM is assigned to the information technology sector and the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding Chime Financial, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Chime Financial, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CHYM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Chime Financial, Inc. could affect the value of the Fund’s investments with respect to CHYM and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of CHYM on a daily basis. The Fund may not achieve its leveraged 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--EffectsOfCompoundingAndMarketVolatilityRiskMember_zdaMbUQc3VIk" style="font: 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>Effects of 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 200% of CHYM’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 CHYM during the 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 CHYM volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) CHYM volatility; b) CHYM performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to CHYM. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of CHYM volatility and CHYM performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to CHYM; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of CHYM.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher CHYM volatility, the volatility of CHYM may affect the Fund’s return as much as, or more than, the return of CHYM. 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 CHYM 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">As shown in the chart below, the Fund would be expected to lose 6.1% if CHYM provided no return over a one-year period during which CHYM experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CHYM’s return is flat. <b>For instance, if CHYM’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of CHYM and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of CHYM. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHYM’s is a newly launched and began trading in calendar year 2025. As of the date of this prospectus, CHYM does not have a track record of historical performance or daily volatility. Accordingly, no annualized performance or volatility data is available for prior years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 trading price of CHYM’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of CHYM’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently CHYM’s 52-week high stock price was $44.94 on June 12, 2025, and its 52-week low stock price was $22.13 on September 10, 2025. CHYM’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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>For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</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 id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zH8lk7uYIeba" style="font: 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 CHYM 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 CHYM, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if CHYM subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if CHYM does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with CHYM and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New 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--DerivativesRiskMember_zKwhDUXw2sud" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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 style="font: 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 expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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_zid0HEAihaIc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_zV3yb2nLHln3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling.</span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zvquWQQR3nQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>FLEX Options</i><b>. </b>The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></p> <p style="font: 10pt Times New 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--CounterpartyRiskMember_zbqz2dh64yKf" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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 style="font: 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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of CHYM, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zChCeTeKEuQ3" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to CHYM that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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_zZdmlMa9L0H2" style="font: 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 leveraged 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 value of CHYM at the market close on the first trading day and the value of CHYM at the time of purchase. If CHYM gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if CHYM declines, the Fund’s net assets will decline by the same 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 multiple of CHYM.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_z5cs6K3Ri833" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to CHYM and therefore achieve its daily leveraged investment objective. The Fund’s exposure to CHYM is impacted by CHYM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CHYM at the end of each day. The possibility of the Fund being materially over- or under-exposed to CHYM increases on days when CHYM is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CHYM. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with CHYM. 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 CHYM. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of CHYM. Any of these factors could decrease the correlation between the performance of the Fund and CHYM and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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: 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--MarketRiskMember_zOzfHo64fWSc" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zHNmz68JrKtf" style="font: 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>Indirect Investment Risk. </b>Chime Financial, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Chime Financial, Inc. and make no representation as to the performance of CHYM. Investing in the Fund is not equivalent to investing in CHYM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to CHYM.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zMcMNFzMxpZ1" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--ChymInvestingRiskMember_zrTiw5Hwree1" style="font: 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>CHYM Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, CHYM faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of CHYM common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of CHYM’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. CHYM is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--InformationTechnologySectorRiskMember_zNDg1M6QYar8" style="font: 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>Information Technology Sector Risk. </b>The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources, or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span></p> <p style="font: 10pt Times New 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--IndustryConcentrationRiskMember_zypurcpYZaf8" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Chime Financial, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Chime Financial, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, CHYM is assigned to the information technology sector and the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ComputerSoftwareIndustryRiskMember_zN3rG8XtDed5"></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"></td><td style="width: 0.25in; text-align: left"><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"><i>Computer Software Industry Risk. </i>Computer software 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 computer software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such 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></td> </tr></table> <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many computer software 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 computer software 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></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--FixedIncomeSecuritiesRiskMember_zdMSikFanRj9" style="font: 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zlcSWqWUyjel" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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--LargecapitalizationCompanyRiskMember_zLwq19iveGj4" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_z9dXug8t0VIi" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with CHYM. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that CHYM value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the CHYM. Under such circumstances, the market for CHYM may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of CHYM and may impact the ability of the Fund 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 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">In certain cases, the market for CHYM and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of CHYM and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_zSwuSopD5mL1" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with CHYM and may incur substantial losses. If there is a significant intra-day market event and/or CHYM experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zuErXF32Pmll" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of CHYM does not provide leveraged exposure to CHYM and, as a result, if the Fund invests directly in common stock of CHYM to a greater extent, the Fund may not achieve its 200% daily 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zEa16K9vOmL7" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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_zuIXs0mfZFQ6" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New 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_z1GH3GYiHx1a" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z0DagZIAsk8f" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zIH4FgxA4av2"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z1KyHboasxs7"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zQhleHTHFxv5"></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: 0.25in"></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>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></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> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zi2VddGMbLxf"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zR79OIVMAkob"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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--NewFundRiskMember_zcw2gw665TY" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zmKOIL9VUE72" style="font: 10pt 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_90B_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095475Member_z3wxXVTi5gq3">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095475Member_zhPiNHtiZGyf">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095475Member_z1H6pfrIpVCe">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095475Member_zh2zdCdpf4tg">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG BMNR DAILY TARGET ETF         Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zGZzUvJN6QPf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of BMNR. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zl7Vdpf9Fwee"></div> <p style="font: 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. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zVHZQWIGQDXf" style="font: 10pt Times New 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_980_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095473Member_zqXE9OdLkBze" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_98C_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264196Member_fKDEp_zHjZrdUlHllh" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_983_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264196Member_z9ZznQDDtfZk" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_98E_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264196Member_fKDIp_zZmWPvuzcwGh" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_984_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264196Member_fKDMp_zM6AzSdzoHi6" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zqNNaZ0E2hRb">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F19_zwlakUySIEad" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zp18geWSDqU7">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1B_z6ok9YHkZrqh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095473Member_zjl7zRURv9cl">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_zn3cfOxNAO0l">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F19_zhUZveFhcghb" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zGpWL1HaAQsc" style="font: 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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_zEBpevZSCIGf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zHZ1pn5nEXwk" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zq4M3NCqArO6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zdjuaKKgy726" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_416_20250924__20250924__oef--ClassAxis__custom--C000264196Member_zH523FCj1a58" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long BMNR Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zSIG0zeNUAZ2" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_A8A_eoef--StrategyNarrativeTextBlock_zvHZ7TjuIgrj" style="font: 10pt 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_90F_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095473Member_zhqBRqcMiyRa">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of BMNR on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on BMNR or by investing directly in the common stock of BMNR. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in BMNR common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of BMNR is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in BMNR that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (BMNR) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain BMNR exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which BMNR is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which BMNR is assigned). As of the date of this prospectus, BMNR is assigned to the financial services sector and the capital markets industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of BMNR. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to BMNR is consistent with the Fund’s investment objective. The impact of BMNR’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of BMNR has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of BMNR has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Bitmine Immersion Technologies, Inc. operates as a blockchain technology company primarily in the United States. BMNR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Bitmine Immersion Technologies, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42675 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Bitmine Immersion Technologies, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, BMNR is assigned to the financial services sector and the capital markets industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding Bitmine Immersion Technologies, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Bitmine Immersion Technologies, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of BMNR have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Bitmine Immersion Technologies, Inc. could affect the value of the Fund’s investments with respect to BMNR and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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: 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of BMNR on a daily basis. The Fund may not achieve its leveraged 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--EffectsOfCompoundingAndMarketVolatilityRiskMember_zA85POsEP2C1" style="font: 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>Effects of 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 200% of BMNR’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 BMNR during the 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 BMNR volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) BMNR volatility; b) BMNR performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to BMNR. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of BMNR volatility and BMNR performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to BMNR; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of BMNR.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher BMNR volatility, the volatility of BMNR may affect the Fund’s return as much as, or more than, the return of BMNR. 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 BMNR 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">As shown in the chart below, the Fund would be expected to lose 6.1% if BMNR provided no return over a one-year period during which BMNR experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if BMNR’s return is flat. <b>For instance, if BMNR’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of BMNR and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of BMNR. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">BMNR’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 352.47%. BMNR’s annualized daily volatility rates were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020       461.78% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021       370.15%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022       297.94%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023       365.74%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024       252.04%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Volatility for a shorter period of time may have been substantially 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BMNR’s annualized performance for the five-year period ended December 31, 2024 was -22.97%. Historical volatility and performance are not indications of what BMNR volatility and performance will be in the future. The trading price of BMNR’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of BMNR’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently BMNR’s 52-week high stock price was $161.00 on July 3, 2025, and its 52-week low stock price was $1.93 on October 21, 2024. BMNR’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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>For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</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 id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zfZNjcDQdRhj" style="font: 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 BMNR 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 BMNR, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if BMNR subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if BMNR does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with BMNR and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_zAwYBPddd61j" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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--SwapAgreementsMember_zrMA5LNaZPgb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_zSASofXIFkJd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling.</span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zeefdnW7umN6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>FLEX Options</i><b>. </b>The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--CounterpartyRiskMember_zkkgygBq1BJ" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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-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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of BMNR, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_znR9mvl9i107" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to BMNR that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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_zDfOvKVOYr1" style="font: 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 leveraged 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 value of BMNR at the market close on the first trading day and the value of BMNR at the time of purchase. If BMNR gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if BMNR declines, the Fund’s net assets will decline by the same 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 multiple of BMNR.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_zU7UpYcsZ5R4" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to BMNR and therefore achieve its daily leveraged investment objective. The Fund’s exposure to BMNR is impacted by BMNR’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to BMNR at the end of each day. The possibility of the Fund being materially over- or under-exposed to BMNR increases on days when BMNR is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) BMNR. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with BMNR. 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 BMNR. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of BMNR. Any of these factors could decrease the correlation between the performance of the Fund and BMNR and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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 id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zQmPS96KLgbk" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_zgADhVcdWyQ3" style="font: 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>Indirect Investment Risk. </b>Bitmine Immersion Technologies, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Bitmine Immersion Technologies, Inc. and make no representation as to the performance of BMNR. Investing in the Fund is not equivalent to investing in BMNR. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to BMNR.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zkp2Q0sL2kp5" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--BmnrInvestingRiskMember_zpPoEQkyKLz2" style="font: 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>BMNR Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, BMNR faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of BMNR common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of BMNR’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. BMNR is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--FinancialsSectorRiskMember_zbXt05Dfl7o4" style="font: 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>Financials Sector Risk. </b>Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs). Declining real estate values could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zkFRADLvGTM1" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Bitmine Immersion Technologies, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Bitmine Immersion Technologies, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, BMNR is assigned to the financial services sector and the capital markets industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--CapitalMarketsIndustryRiskMember_zTSv5sw8qzYj"></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: 0.25in"></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>Capital Markets Industry Risk. </i>The Fund may invest in companies operating within the capital markets industry, including investment banks, asset managers, securities exchanges, and other financial services providers. These companies are subject to extensive government regulation and oversight, which can change rapidly and unpredictably, potentially affecting profitability and business operations. The performance of capital markets firms is closely tied to the health of global financial markets, investor sentiment, and the level of trading, underwriting, and asset management activity. These companies may be adversely affected during periods of market volatility, declining equity or debt issuance, or reduced investor participation. In addition, capital markets firms often have significant exposure to counterparty, credit, and liquidity risk, particularly in times of financial stress. Operational failures, cybersecurity breaches, and reputational damage can also materially impact their value. As a result, adverse developments in the capital markets industry may negatively affect the Fund’s investments and performance.</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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zJ4AD8i9lACl" style="font: 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zwZfePnS3Yo1" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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--LargecapitalizationCompanyRiskMember_zj8OTBAkhqff" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zysgFpcb1sok" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with BMNR. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that BMNR value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the BMNR. Under such circumstances, the market for BMNR may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of BMNR and may impact the ability of the Fund 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 style="font: 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 certain cases, the market for BMNR and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of BMNR and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_zINlnppQThmi" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with BMNR and may incur substantial losses. If there is a significant intra-day market event and/or BMNR experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zlmfnKHSqbZ4" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of BMNR does not provide leveraged exposure to BMNR and, as a result, if the Fund invests directly in common stock of BMNR to a greater extent, the Fund may not achieve its 200% daily 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--CashTransactionRiskMember_z4Gbk5Vj5kyj" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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--TaxRiskMember_z2S3a78vduZb" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z9guD3l0F6Z" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z1wy89XrIjNa" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zSBduM1s9Yrd"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zTpHu3A2FT6"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zJ3eT0v9dKXk"></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: 0.25in"></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>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></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> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zNEiGl135uhi"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z6OZnUbLXgTa"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zmTdHcGiRZ56" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_z88GtPSH03P5" style="font: 10pt 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_906_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095473Member_zMEUelEPcLSk">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095473Member_zn5TVK4lzlK4">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095473Member_zhNszRN7OBV9">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095473Member_zxi2jPFZLluj">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG APLD DAILY TARGET ETF         Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zerMDMEojbPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the daily performance of APLD. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zc8PB0okCUYd"></div> <p style="font: 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. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zrwqy3w3c946" style="font: 10pt Times New 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_987_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095472Member_zro8yN3lDZv8" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264195Member_fKDEp_zyJoZLBPvGR9" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Services Fees</span></td> <td id="xdx_98A_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264195Member_zTKnoCngWUKb" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_98F_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264195Member_fKDIp_zqKXyj9q9zJ8" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_98A_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264195Member_fKDMp_zD2leG5trz1h" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_znxYvQEec2nh">(1)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1D_z4gg5OUu2wqc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_z75LTKQ8SHm5">(2)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1E_zFy245iU5fzj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095472Member_zTbqv6sQlRCg">Other Expenses are estimated for the Fund’s initial fiscal year.</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> <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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_z7rUzi6N0WR8">(3)</sup></span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F12_z49QGql7DAk5" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zbPgOVf0seql" style="font: 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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_zO0ZksDOETmb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zaayxcTQVMM8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_481_eoef--ExpenseExampleYear01_zPy5OsuDPbQe" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zjRRPbGTpm2l" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_410_20250924__20250924__oef--ClassAxis__custom--C000264195Member_zWje7Pp444G" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Long APLD Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zOMgvLGTWy1b" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_A81_eoef--StrategyNarrativeTextBlock_zNELQPqzNElc" style="font: 10pt 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_90A_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095472Member_zpPFPyjpikAi">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of APLD on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing call options on APLD or by investing directly in the common stock of APLD. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in APLD common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of APLD is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in APLD that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (<i>i.e.,</i> the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (<i>i.e.,</i> the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. FLexible EXchange^®Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (APLD) if it chooses to exercise a call option and either hold or sell the security in the secondary markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain APLD exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which APLD is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which APLD is assigned). As of the date of this prospectus, APLD is assigned to the information technology sector and the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times 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 style="font: 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of APLD. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to APLD is consistent with the Fund’s investment objective. The impact of APLD’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of APLD has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of APLD has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Digital Corp. designs, develops, and operates digital infrastructure solutions and cloud services high-performance computing (HPC) and artificial intelligence industries in North America. APLD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Applied Digital Corp. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-31968 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Applied Digital Corp. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, APLD is assigned to the information technology sector and the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding Applied Digital Corp. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Applied Digital Corp. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of APLD have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Applied Digital Corp. could affect the value of the Fund’s investments with respect to APLD and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of APLD on a daily basis. The Fund may not achieve its leveraged 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--EffectsOfCompoundingAndMarketVolatilityRiskMember_zBiENJXOJbNd" style="font: 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>Effects of 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 200% of APLD’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods 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 APLD during the 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 APLD volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) APLD volatility; b) APLD performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to APLD. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of APLD volatility and APLD performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to APLD; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of APLD.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher APLD volatility, the volatility of APLD may affect the Fund’s return as much as, or more than, the return of APLD. 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 APLD 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">As shown in the chart below, the Fund would be expected to lose 6.1% if APLD provided no return over a one-year period during which APLD experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if APLD’s return is flat. <b>For instance, if APLD’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of APLD and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of APLD. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 18%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.9%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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="font-family: Times New Roman, Times, Serif; font-size: 10pt">APLD’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 316.04%. APLD’s annualized daily volatility rates were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020       774.35%  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021       370.99% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022       183.93% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023       129.67% </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024       133.69%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Volatility for a shorter period of time may have been substantially 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APLD’s annualized performance for the five-year period ended December 31, 2024 was 9.50%. Historical volatility and performance are not indications of what APLD volatility and performance will be in the future. The trading price of APLD’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of APLD’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently APLD’s 52-week high stock price was $20.15 on September 17, 2025, and its 52-week low stock price was $3.31 on April 16, 2025. APLD’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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>For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</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 id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z6V0cg6MrUTc" style="font: 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 APLD 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 APLD, 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 of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if APLD subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if APLD does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with APLD and may increase the volatility of 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">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--DerivativesRiskMember_z6wV9xuJqlbd" style="font: 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<i>. </i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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--SwapAgreementsMember_zuy5HQGNXosi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements.</i> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--CallOptionsMember_zzdWjA0CjwZ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Call Options.</i> The use of call options 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, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 of options contracts and the reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling.</span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zzcBOO9foO36" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>FLEX Options</i><b>. </b>The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zJgheGnNrfPc" style="font: 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<i>. </i></b>A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged 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-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 leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of 200% of the daily performance of APLD, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zzijBAEM0oB9" style="font: 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<i>. </i></b>If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to APLD that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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--IntradayInvestmentRiskMember_zYTcaYLmM3Gi" style="font: 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 leveraged 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 value of APLD at the market close on the first trading day and the value of APLD at the time of purchase. If APLD gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if APLD declines, the Fund’s net assets will decline by the same 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 multiple of APLD.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses.</span></p> <p style="font: 10pt Times New 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--DailyCorrelationRiskMember_zTxzIoyY2sWl" style="font: 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 Risk</b>. There is no guarantee that the Fund will achieve a high degree of correlation to APLD and therefore achieve its daily leveraged investment objective. The Fund’s exposure to APLD is impacted by APLD’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to APLD at the end of each day. The possibility of the Fund being materially over- or under-exposed to APLD increases on days when APLD is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) APLD. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with APLD. 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 APLD. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of APLD. Any of these factors could decrease the correlation between the performance of the Fund and APLD and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that 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 id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zLxO9OH69yc" style="font: 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>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zdkzBAhi37Q" style="font: 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>Indirect Investment Risk. </b>Applied Digital Corp. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Applied Digital Corp. and make no representation as to the performance of APLD. Investing in the Fund is not equivalent to investing in APLD. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to APLD.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zCZcdeXmbC68" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--ApldInvestingRiskMember_zEsGlmjBncXf" style="font: 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>APLD Investing Risk. <i>. </i></b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, APLD faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of APLD common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of APLD’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. APLD is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--InformationTechnologySectorRiskMember_zJ08X9NbeNag" style="font: 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>Information Technology Sector Risk. </b>The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources, or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--IndustryConcentrationRiskMember_zDlbtaViw0Ya" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Applied Digital Corp. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Applied Digital Corp. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, APLD is assigned to the information technology sector and the software industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--ComputerSoftwareIndustryRiskMember_zH0RrlwuS9R7"></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"></td><td style="width: 0.25in; text-align: left"><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"><i>Computer Software Industry Risk. </i>Computer software 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 computer software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such 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></td> </tr></table> <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many computer software 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 computer software 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></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--FixedIncomeSecuritiesRiskMember_zFvbkLr2Kwk9" style="font: 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--MoneyMarketInstrumentRiskMember_zglc6TfXqkU6" style="font: 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<i>. </i></b>The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationCompanyRiskMember_zLNzYLxr9Mp1" style="font: 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>Large-Capitalization Company Risk<i>. </i></b>Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_zoHqYc9Wcxv5" style="font: 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<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with APLD. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that APLD value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the APLD. Under such circumstances, the market for APLD may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of APLD and may impact the ability of the Fund 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 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">In certain cases, the market for APLD and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of APLD and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_zJc2NIDO71o6" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with APLD and may incur substantial losses. If there is a significant intra-day market event and/or APLD experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zhnzHknmIum4" style="font: 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>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of APLD does not provide leveraged exposure to APLD and, as a result, if the Fund invests directly in common stock of APLD to a greater extent, the Fund may not achieve its 200% daily 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--CashTransactionRiskMember_zVwIrxmDkxDd" style="font: 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>Cash Transaction Risk.</b> The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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--TaxRiskMember_zQcSSK1SqYjj" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zROP0b4n3BRg" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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--EtfRisksMember_zGiOGslKLZeg" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_z28NRM9IUzsl"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zmYgE4iHXfLi"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z9T9jqxt6822"></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: 0.25in"></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>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></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> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zeTQvLBxQly4"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zXxECLaZ7jp9"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zqQfBHOsL335" style="font: 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>. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zuSTZRK6TWd2" style="font: 10pt 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_903_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095472Member_zEmuVECptgr8">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095472Member_zJpbrR5MUVug">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095472Member_zgr0VMAkRUYb">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095472Member_z7x3UkZhKiUd">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X INVERSE CRWV DAILY TARGET ETF         Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zIdLAGqENBz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the <b><i>inverse (or opposite)</i></b> of the daily performance of CRWV. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zotjylfogm96"></div> <p style="font: 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>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_z6kZuKb3OCLk" style="font: 10pt Times New 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_98F_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095471Member_zgYgf1p7YaUk" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_984_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264194Member_fKDEp_zHAyGBCbravb" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Service Fees</span></td> <td id="xdx_982_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264194Member_zpK5qAXHMGUd" style="vertical-align: bottom; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264194Member_fKDIp_zW6u0EWFkchb" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_982_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264194Member_fKDMp_zHT2pPXKpB4a" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.3pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F04_zj7KLIk8rGOf">(1)</sup></span></td><td><span id="xdx_F13_zUcXSDlh9age" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.3pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><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; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_zSpaBXR83Pdi">(2)</sup></span></td><td><span id="xdx_F1E_zpSI6rI6nlBj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095471Member_zpjYKLl0zqQ7">Other Expenses are estimated for the Fund’s initial fiscal year.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.3pt 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%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F08_zqcyYbDMy2G1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F16_z8IIY1jVeBN1" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zkaN1AoZU5Z6" style="font: 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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_z7SBGPwrKb2c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zMLrJsnYq07d" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_484_eoef--ExpenseExampleYear01_zpnRfriB3Ew1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zjv1xfQUCWng" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 17%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_41D_20250924__20250924__oef--ClassAxis__custom--C000264194Member_zriA5e5TND1a" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Inverse CRWV Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_ziY4udzJ7nWh" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_A85_eoef--StrategyNarrativeTextBlock_zy9A3VOKiE1l" style="font: 10pt 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_c20250924__20250924__dei--LegalEntityAxis__custom--S000095471Member_zPUscAWNECOg">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% inverse (opposite) exposure to the price performance of CRWV on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing put options on CRWV or by engaging in short sales of the common stock of CRWV. The Adviser will determine the allocation of the Fund’s investments in swap agreements, put options and short sales of CRWV common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Short sales of the common stock of CRWV is typically less efficient than the use of swap agreements because short sales do not provide leveraged returns. This may result in the Fund not achieving its -200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in CRWV that is equal, on a daily basis, to -200% of the value of the Fund’s net assets. If the Adviser determines to use put options, the Fund will purchase exchange traded put options, including “FLEX Options,” with CRWV as the reference security. Put options give the holder (<i>i.e.,</i> the buyer) the right to sell an asset and the seller (<i>i.e.,</i> the writer) the obligation to purchase the asset at a certain defined price. FLexible EXchange^® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser determines to engage in short sales on the common stock of CRWV, the Fund will sell shares of CRWV that it has borrowed. When executing a short sale, the Fund borrows the security from a third party and sells it at the then current market price. The Fund is then obligated to buy the security on a later date and return the security to the lender. The Fund will realize a profit if the price of the underlying stock decreases or incur a loss if the price of the underlying stock increases while the Fund is holding the borrowed security. The Fund may reinvest the proceeds of its short sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser attempts to consistently apply leverage to obtain short CRWV exposure for the Fund equal to -200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which CRWV is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide inverse exposure in the industry to which CRWV is assigned). As of the date of this prospectus, CRWV is assigned to the information technology sector and the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CRWV. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CRWV is consistent with the Fund’s investment objective. The impact of CRWV’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CRWV has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CRWV has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">CoreWeave, Inc. operates a cloud platform that provides scaling, support, and acceleration for GenAI. CRWV is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by CoreWeave, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42563 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding CoreWeave, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, CRWV is assigned to the information technology sector and the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding CoreWeave, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding CoreWeave, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CRWV have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning CoreWeave, Inc. could affect the value of the Fund’s investments with respect to CRWV and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than a single 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: 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% inverse (opposite) exposure to the price performance of CRWV on a daily basis. The Fund may not achieve its inverse 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--EffectsOfCompoundingAndMarketVolatilityRiskMember_zkcXgHtkytn2" style="font: 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>Effects of Compounding and Market Volatility Risk. </b>The Fund has a daily 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 -200% of CRWV’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are inverse and that rebalance daily and becomes more pronounced as volatility and holding periods 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 CRWV during the 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 CRWV volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) CRWV volatility; b) CRWV performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect CRWV. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of CRWV volatility and CRWV performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect CRWV; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of CRWV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher CRWV volatility, the volatility of CRWV may affect the Fund’s return as much as, or more than, the return of CRWV. 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 CRWV 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">As shown in the chart below, the Fund would be expected to lose 17.1% if CRWV provided no return over a one-year period during which CRWV experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CRWV’s return is flat. <b>For instance, if CRWV’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of CRWV and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of CRWV. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">506.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">418.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">195.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.6%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-68.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">288.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">231.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.6%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.6%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.1%</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="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRWV’s is a newly launched and began trading in calendar year 2025. As of the date of this prospectus, CRWV does not have a track record of historical performance or daily volatility. Accordingly, no annualized performance or volatility data is available for prior years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 trading price of CRWV’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of CRWV’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently CRWV’s 52-week high stock price was $187.00 on June 20, 2025, and its 52-week low stock price was $33.52 on April 21, 2025. CRWV’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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>For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies”, and “Leverage “ in the Fund’s Statement of Additional Information.</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 id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zv4ZOk8fo5l8" style="font: 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<i>.</i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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--SwapAgreementsMember_zxju60udxdTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements</i>. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--PutOptionsMember_zKwl7CgKRSx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Put Options.</i> The use of put options 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 values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling.</span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zhitEQ0e2VSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>FLEX Options. </i>The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></p> <p style="font: 10pt Times New 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--CounterpartyRiskMember_zPP2DVkFFs17" style="font: 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> A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its inverse 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-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 inverse investment objective or may decide to change its inverse investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of -200% of the daily performance of CRWV, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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 id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zX5iW9NvrEYb" style="font: 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 part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to CRWV that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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--ShortingRiskMember_z0ZH88KvvFy4" style="font: 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>Shorting Risk<i>.</i></b> A short position is a financial transaction in which an investor sells an asset that the investor does not own. In such a transaction, an investor’s short position appreciates when a reference asset falls in value. By contrast, the short position loses value when the reference asset’s value increases. Because historically most assets have risen in value over the long term, short positions are expected to depreciate in value. Accordingly, short positions may be riskier and more speculative than traditional investments. In addition, any income, dividends, or payments by reference assets in which the Fund has a short position will impose expenses on the Fund that reduce returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 obtain short exposure through the use of swap agreements, purchased put options, and physical short sales of CRWV. To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may be less desirable or more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from a derivative. To the extent the Fund engages in physical short sales, the Fund is subject to the risk that the price of the security will increase between the date of the short sale and the date on which the Fund replaces the security, the Fund will experience a loss, which is theoretically unlimited. In addition, physical short sales do not provide -200% exposure to CRWV and, as a result, if the Fund engages in physical short sales to a greater extent, the Fund may not achieve its -200% daily 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--CashTransactionRiskMember_zkdc2bu4ZLUl" style="font: 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>Cash Transaction Risk.</b> Unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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_zbbTXy7dWrr" style="font: 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 value of CRWV at the market close on the first trading day and the value of CRWV at the time of purchase. If CRWV loses value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if CRWV rises, the Fund’s net assets will decline by the same 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 multiple of CRWV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 CRWV experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange and experience significant losses.</span></p> <p style="font: 10pt Times New 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--DailyInverseCorrelationRiskMember_zHsuf54zQSS1" style="font: 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 Inverse Correlation Risk</b>. There is no guarantee that the Fund will achieve a high degree of inverse correlation to CRWV and therefore achieve its daily inverse investment objective. The Fund’s exposure to CRWV is impacted by CRWV’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CRWV at the end of each day. The possibility of the Fund being materially over- or under-exposed to CRWV increases on days when CRWV is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CRWV. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired inverse correlation with CRWV. 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 CRWV. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of CRWV. Any of these factors could decrease the inverse correlation between the performance of the Fund and CRWV and may hinder the Fund’s ability to meet its daily inverse investment objective on or around that 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 id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zcwPdDDUE3I5" style="font: 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>Market Risk<i>. </i></b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_zAk0Ru4H8d6c" style="font: 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>Indirect Investment Risk.</b> CoreWeave, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of CoreWeave, Inc. and make no representation as to the performance of CRWV. Investing in the Fund is not equivalent to investing in CRWV. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to CRWV.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zET40ccOSOC" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New 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--CrwvInvestingRiskMember_z4xrZEa47ss8" style="font: 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>CRWV Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, CRWV faces risks unique to its operations including, among others, supply or manufacturing delays, increased material or labor costs or shortages, reduced demand for its products, product liability claims, and the ability to attract, hire and retain key employees or qualified personnel. The trading price of CRWV common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of CRWV’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. CRWV is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--InformationTechnologySectorRiskMember_z3SzibPIPy74" style="font: 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>Information Technology Sector Risk. </b>The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources, or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zKKVkFnAtVWe" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which CoreWeave, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide inverse exposure to the industry to which CoreWeave, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, CRWV is assigned to the information technology sector and the software industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--ComputerSoftwareIndustryRiskMember_z5N0itcdoke9"></div> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in; text-align: justify"></td><td style="width: 0.5in; 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>Computer Software Industry Risk. </i>Computer software 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 computer software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such 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></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many computer software 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 computer software 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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; 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_z84cNmwBgU7e" style="font: 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--MoneyMarketInstrumentRiskMember_zlGgeOW0yMPg" style="font: 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. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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--LargecapitalizationCompanyRiskMember_zSMB2FJmzM79" style="font: 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>Large-Capitalization Company Risk.</b> Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zY1CNyPwiXa7" style="font: 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<i>.</i></b> Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with CRWV. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that CRWV value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in CRWV. Under such circumstances, the market for CRWV may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of CRWV and may impact the ability of the Fund 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 style="font: 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 certain cases, the market for certain securities in CRWV and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of CRWV and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_zv46X6tHHrDf" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with CRWV and may incur substantial losses. If there is a significant intra-day market event and/or the securities of the Index experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zniCjfPJgP1a" style="font: 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>Equity Securities Risk<i>. </i></b>Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. To the extent that the Fund engages in short sales of the common stock of CRWV, such short sales do not provide leveraged exposure to CRWV and, as a result, the Fund may not achieve its -200% daily 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--TaxRiskMember_zEvznnm4wIIj" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New 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__oef--RiskNondiversifiedStatusMember_zEgxcc1T1H4e" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zCeaaEEzzJx" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zBtFRPLXNMK2"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zVTWctV2rUr4"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zKfuMxTM7BYl"></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: 0.25in"></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>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></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> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_ziQNSyrlgLk1"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_znjZNLBXe311"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zew5YOb3ztJk" style="font: 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><i>. </i>As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zx5foXH0coQc" style="font: 10pt 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--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095471Member_zrDxgURtuRX9">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095471Member_z8V5EjJ5oQvb">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095471Member_z0M5JV5yDLc4">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_900_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095471Member_zjS9qMbYoXrh">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X INVERSE CRCL DAILY TARGET ETF         Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zbl9zad4rJh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 200% of the <b><i>inverse (or opposite)</i></b> of the daily performance of CRCL. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 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 <div id="xdx_A81_eoef--ExpenseNarrativeTextBlock_z13YY50Px2i6"></div> <p style="font: 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>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span></p> <p id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zaDtEZewBmdf" style="font: 10pt Times New 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_984_eoef--OperatingExpensesCaption_c20250924__20250924__dei--LegalEntityAxis__custom--S000095464Member_zZ3wZRDnFVEh" style="font: 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>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="width: 67%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee⁽¹⁾</span></td> <td id="xdx_981_eoef--ManagementFeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264187Member_fKDEp_z0fUhk9MiNa" style="vertical-align: bottom; width: 33%; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) and Service Fees</span></td> <td id="xdx_98B_eoef--DistributionAndService12b1FeesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264187Member_zxkxZsfh0TEh" style="vertical-align: bottom; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses⁽²⁾</span></td> <td id="xdx_98F_eoef--OtherExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264187Member_fKDIp_zmWjUvkzhmW1" style="vertical-align: top; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses⁽³⁾</span></td> <td id="xdx_984_eoef--ExpensesOverAssets_dp_c20250924__20250924__oef--ClassAxis__custom--C000264187Member_fKDMp_zSB6kznYk2Wk" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-weight: normal; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</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; margin-top: 0; margin-bottom: 0; width: 95%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F01_zPuze14GJuNe">(1)</sup></span></td><td><span id="xdx_F13_zhZL4D7Gosi4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.3pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><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; margin-top: 0; margin-bottom: 0; width: 95%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zpmyzOevb6r5">(2)</sup></span></td><td><span id="xdx_F18_zjO4thJQafO2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20250924__20250924__dei--LegalEntityAxis__custom--S000095464Member_zdQQlpoVQhq8">Other Expenses are estimated for the Fund’s initial fiscal year.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.3pt 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; margin-top: 0; margin-bottom: 0; width: 95%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in"><span id="xdx_F0F_zq9gxH3VpJb4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify; padding-right: 17.3pt"><span id="xdx_F1E_zlRvMhaseDf" 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.</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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zh3IxnCYoG11" style="font: 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 five percent (5%) return each year and that the Fund’s operating expenses remain the same. 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_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zj2Ip5VdB6Dl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zHfCNMf1mDGd" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding-left: 10pt; width: 71%; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Fund</span></td> <td id="xdx_485_eoef--ExpenseExampleYear01_zZZ4yjVkREX5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Year</span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zphtiozuGNw1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 17%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Years</span></td></tr> <tr id="xdx_410_20250924__20250924__oef--ClassAxis__custom--C000264187Member_zut878wk5eii" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: justify; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T-REX 2X Inverse CRCL Daily Target ETF</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$153</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$474</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 153 474 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zIOzktFMEksg" style="font: 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information 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_zRvNEqN3IQu8" style="font: 10pt 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_90C_eoef--StrategyPortfolioConcentration_c20250924__20250924__dei--LegalEntityAxis__custom--S000095464Member_zNsA7ztp84">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% inverse (opposite) exposure to the price performance of CRCL on a daily basis.</span> The Fund may also seek to achieve its investment objective by purchasing put options on CRCL or by engaging in short sales of the common stock of CRCL. The Adviser will determine the allocation of the Fund’s investments in swap agreements, put options and short sales of CRCL common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Short sales of the common stock of CRCL is typically less efficient than the use of swap agreements because short sales do not provide leveraged returns. This may result in the Fund not achieving its -200% daily 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in CRCL that is equal, on a daily basis, to -200% of the value of the Fund’s net assets. If the Adviser determines to use put options, the Fund will purchase exchange traded put options, including “FLEX Options,” with CRCL as the reference security. Put options give the holder (<i>i.e.,</i> the buyer) the right to sell an asset and the seller (<i>i.e.,</i> the writer) the obligation to purchase the asset at a certain defined price. FLexible EXchange^® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser determines to engage in short sales on the common stock of CRCL, the Fund will sell shares of CRCL that it has borrowed. When executing a short sale, the Fund borrows the security from a third party and sells it at the then current market price. The Fund is then obligated to buy the security on a later date and return the security to the lender. The Fund will realize a profit if the price of the underlying stock decreases or incur a loss if the price of the underlying stock increases while the Fund is holding the borrowed security. The Fund may reinvest the proceeds of its short sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times 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 style="font: 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 Adviser attempts to consistently apply leverage to obtain short CRCL exposure for the Fund equal to -200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which CRCL is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide inverse exposure in the industry to which CRCL is assigned). As of the date of this prospectus, CRCL is assigned to the financial technology sector and the capital markets industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CRCL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CRCL is consistent with the Fund’s investment objective. The impact of CRCL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CRCL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CRCL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Circle Internet Group, Inc. is a global financial technology firm that specializes in digital currencies and blockchain technology. Circle Internet Group, Inc. is the issuer of the USDC stablecoin, a cryptocurrency designed to be pegged to the U.S. dollar., and they also provide various services and platform APIs for payments, commerce, and other financial applications. Circle Internet Group, Inc. CRCL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Circle Internet Group, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42671 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Circle Internet Group, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of the date of this prospectus, CRCL is assigned to the financial technology sector and the capital markets industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 has derived all disclosures contained in this document regarding Circle Internet Group, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Circle Internet Group, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CRCL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Circle Internet Group, Inc. could affect the value of the Fund’s investments with respect to CRCL and therefore the value of the Fund.</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>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than a single 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: 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>The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.</b></span></p> The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% inverse (opposite) exposure to the price performance of CRCL on a daily basis. The Fund may not achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zcrlrkWSEtM3" style="font: 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>Effects of Compounding and Market Volatility Risk. </b>The Fund has a daily 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 -200% of CRCL’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are inverse and that rebalance daily and becomes more pronounced as volatility and holding periods 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 CRCL during the 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 CRCL volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) CRCL volatility; b) CRCL performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect CRCL. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of CRCL volatility and CRCL performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect CRCL; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of CRCL.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">During periods of higher CRCL volatility, the volatility of CRCL may affect the Fund’s return as much as, or more than, the return of CRCL. 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 CRCL 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">As shown in the chart below, the Fund would be expected to lose 17.1% if CRCL provided no return over a one-year period during which CRCL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CRCL’s return is flat. <b>For instance, if CRCL’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of CRCL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of CRCL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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> <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; margin-left: 0.12in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-200%</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></p></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 19%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center; font-weight: normal"><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: 13%; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">506.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">418.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">195.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.6%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-68.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">288.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">231.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.0%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.6%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.5%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.7%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.1%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.6%</span></td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.8%</span></td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; text-align: center; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.1%</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="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRCL is a newly launched and began trading in calendar year 2025. As of the date of this prospectus, CRCL does not have a track record of historical performance or daily volatility. Accordingly, no annualized performance or volatility data is available for prior years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 trading price of CRCL’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of CRCL’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently CRCL’s 52-week high stock price was $298.99 on June 23, 2025, and its 52-week low stock price was $64.00 on June 5, 2025. CRCL’s 52-week high and low stock price may change significantly over a short period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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>For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies”, and “Leverage “ in the Fund’s Statement of Additional Information.</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 id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zmHhYoqEnMk7" style="font: 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<i>.</i></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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving 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-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New 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_zhVluSoC6v8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Agreements</i>. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 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 reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection, which may expose investors to significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times 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 style="font: 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 the level of value at risk that the Fund may incur through its derivatives 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 and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></p> <p style="font: 10pt Times New 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--PutOptionsMember_zrecvozkX5z1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Put Options.</i> The use of put options 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 values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. 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 expiry, 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 reference asset, 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. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling.</span></p> <p style="font: 10pt Times New 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--FlexOptionsMember_zAtUjSGbTbfg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>FLEX Options. </i>The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.</span></p> <p style="font: 10pt Times New 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--CounterpartyRiskMember_zOFIJgamqjL8" style="font: 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> A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its inverse 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-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 inverse investment objective or may decide to change its inverse investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, <i>before fees and expenses</i>, of -200% of the daily performance of CRCL, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results <i>after fees and expenses</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"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z15cINRi7b4a" style="font: 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 part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to CRCL that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains.</span></p> <p style="font: 10pt Times New 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--ShortingRiskMember_zo8VkcolJmQ9" style="font: 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>Shorting Risk<i>.</i></b> A short position is a financial transaction in which an investor sells an asset that the investor does not own. In such a transaction, an investor’s short position appreciates when a reference asset falls in value. By contrast, the short position loses value when the reference asset’s value increases. Because historically most assets have risen in value over the long term, short positions are expected to depreciate in value. Accordingly, short positions may be riskier and more speculative than traditional investments. In addition, any income, dividends, or payments by reference assets in which the Fund has a short position will impose expenses on the Fund that reduce returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 obtain short exposure through the use of swap agreements, purchased put options, and physical short sales of CRCL. To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may be less desirable or more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from a derivative. To the extent the Fund engages in physical short sales, the Fund is subject to the risk that the price of the security will increase between the date of the short sale and the date on which the Fund replaces the security, the Fund will experience a loss, which is theoretically unlimited. In addition, physical short sales do not provide -200% exposure to CRCL and, as a result, if the Fund engages in physical short sales to a greater extent, the Fund may not achieve its -200% daily 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zbbCBShq9iAl" style="font: 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>Cash Transaction Risk.</b> Unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New 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_z37OilnWfvXg" style="font: 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 value of CRCL at the market close on the first trading day and the value of CRCL at the time of purchase. If CRCL loses value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if CRCL rises, the Fund’s net assets will decline by the same 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 multiple of CRCL.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 CRCL experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange and experience significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--DailyInverseCorrelationRiskMember_zTfl2dfVmLa4" style="font: 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 Inverse Correlation Risk</b>. There is no guarantee that the Fund will achieve a high degree of inverse correlation to CRCL and therefore achieve its daily inverse investment objective. The Fund’s exposure to CRCL is impacted by CRCL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CRCL at the end of each day. The possibility of the Fund being materially over- or under-exposed to CRCL increases on days when CRCL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CRCL. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired inverse correlation with CRCL. 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 CRCL. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of CRCL. Any of these factors could decrease the inverse correlation between the performance of the Fund and CRCL and may hinder the Fund’s ability to meet its daily inverse investment objective on or around that 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 id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zdIkFoBVYgH1" style="font: 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>Market Risk<i>. </i></b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability 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--IndirectInvestmentRiskMember_zoXWV2Q98hs5" style="font: 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>Indirect Investment Risk.</b> Circle Internet Group, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Circle Internet Group, Inc. and make no representation as to the performance of CRCL. Investing in the Fund is not equivalent to investing in CRCL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to CRCL.</span></p> <p style="font: 10pt Times New 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--UnderlyingSecurityInvestingRiskMember_zG3higNilQB6" style="font: 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>Underlying Security Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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--CrclInvestingRiskMember_zzJz369KPFT7" style="font: 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>CRCL Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, CRCL faces risks unique due to its business model. CRCL, which operates under the brand name CRCL, is a global financial technology company that specializes in digital currencies and blockchain technology. CRCL is best known for issuing the stablecoin USDC, a digital currency pegged to the U.S. dollar. CRLC also provides various financial and technology services to businesses and developers, enabling them to integrate stablecoins and blockchain technology into their operations. CRCL operations subjects it 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> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_z4KnNqiFn058"></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: 0.25in"></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">Interest Rate Risk: CRCL’s revenue model heavily relies on the interest earned from reserves that back its USDC stablecoin, which are primarily held in short-term U.S. Treasury bills. A decline in interest rates could significantly reduce Circle’s income and impact its profitability. </span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryUncertaintyMember_zMPM314X120b"></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: 0.25in"></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">Regulatory Uncertainty: The cryptocurrency regulatory landscape is volatile and evolving, with varying standards across different jurisdictions. Stricter regulations, increased oversight, or changes in how regulatory bodies interpret and apply existing laws could hinder CRCL’s growth or pose threats to its business model. While certain legislative and regulatory initiatives aim to bring more regulatory clarity, stricter capital requirements or limits on interest income could negatively impact CRCL’s margins.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompetitivePressureMember_z6tDxXv6nqQ8"></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: 0.25in"></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">Competitive Pressure: The stablecoin market is becoming increasingly competitive, with rivals and potential entrants from traditional banks exploring stablecoin offerings. This could erode CRCL’s market share and impact its revenue and profitability.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MacroeconomicVolatilityMember_zo3yJhKQOH69"></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: 0.25in"></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">Macroeconomic Volatility: Broad economic factors, such as shifts in interest rates or volatility in the cryptocurrency market, can affect CRCL’s financial performance. A pivot to lower interest rates could reduce interest income from reserves, while a crypto bear market could shrink USDC’s circulation and impact revenue.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DependenceOnPartnershipsMember_zdAz3LiiHR9b"></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: 0.25in"></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">Dependence on Partnerships: While CRCL has expanded its product offerings and revenue streams, it still relies on significant partnerships for the distribution and adoption of USDC. If these partnerships change or end, it could impact CRCL’s distribution costs and reserve income.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepeggingRiskMember_znYJcfEDzJBa"></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: 0.25in"></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">De-pegging Risk: While USDC is designed to be redeemable 1:1 for U.S. dollars, there is a risk of a “de-peg,” where the token could trade below $1 on third-party platforms. This could be triggered by events like a run on a bank holding CRCL’s assets.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRisksMember_zBFrqho5mhzj"></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: 0.25in"></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">Cybersecurity Risks: CRCL’s reliance on third-party systems and the increasing sophistication of cyberattacks expose the company to potential security breaches that could affect its operations, data, and reputation. </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 style="font: 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 trading price of CRCL common stock is likely to be volatile. Additionally, CRCL’s common stock may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. CRCL is a highly dynamic company, and its operations, including its products and services, may change.</span></p> <p style="font: 10pt Times New 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--FinancialTechnologySectorRiskMember_zCmjZgXxrahg" style="font: 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>Financial Technology Sector Risk. </b>FinTech companies may face competition from larger and more established firms, and a FinTech company may not currently or in the future derive any revenue from disruptive technologies. In addition, FinTech companies may not be able to capitalize on their disruptive technologies if they face political and/or legal attacks from competitors, industry groups or local and national governments.</span></p> <p style="font: 10pt Times New 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--IndustryConcentrationRiskMember_zMB1GsHtYA5i" style="font: 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>Industry Concentration Risk. </b>The Fund will be concentrated in the industry to which Circle Internet Group, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Circle Internet Group, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, CRCL is assigned to the financial technology sector and the capital markets industry.</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--FinancialCompaniesRiskMember_zASIk04ylED3"></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: 0.25in"></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>Financial Companies Risk. </i>Financial services companies are subject to extensive governmental regulation and intervention, which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating downgrades, adverse public perception, exposure concentration and counterparty risk.</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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zPNhoFQWbNS1" style="font: 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 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_ziHM92rJnlWa" style="font: 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. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. 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--LargecapitalizationCompanyRiskMember_zOFFwfTUO753" style="font: 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>Large-Capitalization Company Risk.</b> Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns.</span></p> <p style="font: 10pt Times New 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--LiquidityRiskMember_zisbYj2Qbeql" style="font: 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<i>.</i></b> Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with CRCL. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that CRCL value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in CRCL. Under such circumstances, the market for CRCL may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of CRCL and may impact the ability of the Fund 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 style="font: 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 certain cases, the market for certain securities in CRCL and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of CRCL and correlated derivative instruments.</span></p> <p style="font: 10pt Times New 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--EarlyClosetradingHaltRiskMember_zlSTyF9hrG4l" style="font: 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>Early Close/Trading Halt Risk<i>. </i></b>Although an 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. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with CRCL and may incur substantial losses. If there is a significant intra-day market event and/or the securities of the Index experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on Cboe BZX Exchange, Inc. and incur significant losses.</span></p> <p style="font: 10pt Times New 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--EquitySecuritiesRiskMember_zwC0tMP4Lweg" style="font: 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>Equity Securities Risk<i>. </i></b>Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. To the extent that the Fund engages in short sales of the common stock of CRCL, such short sales do not provide leveraged exposure to CRCL and, as a result, the Fund may not achieve its -200% daily 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zcd2sN72JuDc" style="font: 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>Tax Risk<i>.</i></b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.</span></p> <p style="font: 10pt Times New 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_zJwFFFmPlnz6" style="font: 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> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified 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--EtfRisksMember_z2G45jMNXs91" style="font: 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>ETF Risks</b>. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed 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> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zygKLB6t5BKh"></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: 0.25in"></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>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“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></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> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zIJNmP3bbQKk"></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: 0.25in"></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>Cash Redemption Risk</i>. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</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> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zrJLU8q1o2Fb"></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: 0.25in"></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>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></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> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zjU862pSo344"></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: 0.25in"></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>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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zZrcooQ5Adu"></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: 0.25in"></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>Trading</i>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zu0iMPT3EgHa" style="font: 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><i>. </i>As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> Performance History <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zfYxo6tpLD5f" style="font: 10pt 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_90B_eoef--PerformanceOneYearOrLess_c20250924__20250924__dei--LegalEntityAxis__custom--S000095464Member_zZieixl7rNB4">The Fund has not yet commenced operations and does not have a full calendar year of performance history.</span> In the future, performance information will be presented in this section of the Prospectus. <span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250924__20250924__dei--LegalEntityAxis__custom--S000095464Member_zYILjJaOwbE">Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20250924__20250924__dei--LegalEntityAxis__custom--S000095464Member_zDVEDeSC31kh">Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20250924__20250924__dei--LegalEntityAxis__custom--S000095464Member_zruOZAcGpcjh">(833) 759-6110</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> The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial 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 total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2025.